Regional Integration, Economic Development And Global Governance

‘If you are interested in finding out more about regionalism’s potential to reshape globalization and global governance, turn to this excellent and thoroughly researched volume. While the authors focus on international trade and finance, their stimulating analyses are of much broader relevance. They point to an emerging new phase of globalization made more open and participatory – “flatter” – by enhanced regionalism.’
– Inge Kaul, Hertie School of Governance, Germany

‘It is the distinctive contribution of this book to explore the complex relationship between the reality of regionalisation and the objective of achieving global economic cooperation and integration.’
– Michele Fratianni, University of Ancona, Italy

‘This book explores a central issue of the world economy today: the role of regional integration for economic development and global governance. The importance of this issue comes from the fact that the globalisation process that we have been experiencing in recent decades is also a process of open regionalism. […] To what extent does this process contribute to development? The reader will find many interesting answers to this question in the book, [which] is an outstanding contribution to this debate. I welcome its publication and look forward to its influence on global debates on the relations between regional integration, development and global governance.’
– From the foreword by José Antonio Ocampo, Columbia University, US

The contributors expertly provide a comparative perspective on regional integration in different regions of the world while at the same time analysing the various facets of integration, relating to trade, FDI, finance and monetary policies. They provide a comprehensive treatment of the subject and offer new perspectives on the potential developmental effects of regional integration and the implications of regional integration for global economic governance. Whilst highlighting and illustrating the potential benefits deriving from regional economic integration, the book also stresses the problems and challenges regional integration processes are usually confronted with.

This informative book will be of interest to academic researchers, students, policymakers and professional economists working on matters of regional economic cooperation and integration, international economics and development economics. While applying state of the art economic tools, it is written in a clear and accessible style, intended for a wide readership among professionals and general readers interested in these fields.

Contents:

Foreword
José Antonio Ocampo

Introduction
Ulrich Volz

PART I: INTEGRATION EXPERIENCES IN DIFFERENT REGIONS
1. SAARC: Changing Realities, Opportunities and Challenges
Rajiv Kumar

2. East Asian Economic Integration and its Impact on the Chinese Economy
Yanghua Huang and Yongsheng Zhang

3. Regional Integration in Southern Africa: Key Issues and Challenges
Trudi Hartzenberg and Davie Malungisa

4. Integration in Latin America – Trends and Challenges
Renato Baumann

PART II: REGIONAL INTEGRATION AND THE MULTILATERAL TRADING SYSTEM
5. The Future of the Multilateral Trading System in a Multi-polar World
Jeffrey J. Schott

6. Rabbits Caught in the Headlights? Africa and the ‘Multilateralizing Regionalism’ Paradigm
Peter Draper and Mzukisi Qobo

PART III: REGIONAL TRADE AND FOREIGN DIRECT INVESTMENT
7. Regional Trade-FDI-Poverty Alleviation Linkages – Some Analytical and Empirical Explorations
Ram Upendra Das

8. Regional Integration and FDI in Emerging Markets
Julia Kubny, Florian Mölders and Peter Nunnenkamp

PART IV: REGIONAL FINANCIAL INTEGRATION
9. Developing Regional Financial Markets – the Case of East Asia
Michael Pomerleano

10. Regional Financing Arrangements and the IMF
Julie McKay, Ulrich Volz and Regine Wölfinger

PART V: TOPICS IN MONETARY INTEGRATION
11. Monetary Integration and Trade: What do we Know?
Volker Nitsch

12. When You Got Nothing, You Got Nothing to Lose – Regional Monetary Integration and Policy Independence
J. James Reade and Ulrich Volz

13. South–South Regional Monetary Cooperation: Potential Gains for Developing Countries and Emerging Markets
Laurissa Mühlich

14. Currency Baskets for East Asia
Eiji Ogawa

Index

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