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Indonesia and ASEAN Plus Three Financial Cooperation: Domestic Politics, Power Relations, and Regulatory Regionalism

Author:
Saputro, Eko

ISBN:
978 981 10 3028 4
Format:
Hardback
Pages:
251
List price(s):
129.00 USD
86.00 GBP
114.99 EUR

Publication date:
31 March 2017

Short description: 

As a relatively new phenomenon compared to trade regionalism, financial regionalism has successfully shaped cooperative networks among financial authorities in East Asia. This book explores how new financial alliances and regulatory frameworks will allow Indonesia to achieve the growth that other Asian countries have seen.

Full description: 

This book examines Financial regionalism in East Asia has stimulated not only a new architecture for regional governance, but also a transformation in Indonesia's national regulatory framework. As a relatively new phenomenon compared to trade regionalism, financial regionalism has successfully shaped cooperative networks among financial authorities in East Asia. In this incisive new book, Eko Saputro explores how new financial alliances and regulatory frameworks will allow Indonesia to rapidly take a new place at the global table, bringing the explosive growth that other Asian countries have seen to the archipelago nation. This book will be of equal value to academics, policy makers, students, and scholars, both in the region and abroad.

Table of contents: 

Contents ... 3List of Figures ... 5List of Tables ... 6List of Abbreviations ... 7Introduction ... 12Indonesia and the Dynamics of Regional Financial Cooperation ... 12Why Indonesia matters ... 16Explaining Financial Regionalism in East Asia ... 28Reviewing the research on East Asian financial regionalism ... 29Power relations ... 34Domestic factors ... 38Regulatory regionalism ... 44The Progress of East Asian Financial Regionalism ... 54ASEAN ... 55APEC ... 61APT Cooperation ... 62The CMIM ... 63The ABMI ... 67ASEAN and APT are more concrete than APEC ... 69Domestic Politics in Indonesia and Financial Regionalism in East Asia ... 71Political change and varying approaches to regional cooperation ... 72The non-democratic era ... 72Habibie's transitional administration ... 76The democratic era ... 77The impact of democratisation ... 82Separation of power under democratic regimes... 83Changes to financial institutions and policy making ... 85Independence and coordination ... 90Transparency and economic openness ... 93Wider participation ... 95Power Relations, Bilateral Ties and Indonesia's Responses ... 98 div>Japan, China and the APT: cooperation, competition and compromise ... 99Indonesia's approach: maintaining Japan and welcoming China ... 105Reciprocity with Japan ... 105Ideology, pragmatism and relations with China ... 111An independent stance? ... 119Why perceptions matter ... 125Indonesia and the CMIM ... 131The CMIM's evolution as a crisis counter measure ... 132Enhancing transnational policy coordination... 133Regional initiatives with global standards ... 139Broadening participation ... 148De-politicising regional assistance ... 149Fully supporting the CMIM ... 150Reaping benefits for the Indonesian economy ... 150Limited participation of non-state actors ... 156National coordination networks ... 158Internal transformation and de-politicisation ... 163Indonesia and the ABMI ... 171APT bond market initiatives ... 173The CGIF ... 173The ABMF ... 174Non-state actors in bond market projects... 177Standardisation and harmonisation projects ... 179Enhancing collaborative work ... 183Limiting political aims ... 184Indonesia's complicated stance on the ABMI ... 185Growing participation of non-state actors... 189Complex policy coordination ... 192Mixed responses to standardisation and harmonisation ... 195Minimal effects of de-politicisation ... 207Conclusion ... 209Factors affecting Indonesia's responses ... 210The domestic political economy ... 211The de-politicisation of regulatory agencies ... 213Internal policy coordination ... 214Bilateral interdependence and perceptions ... 215Theoretical contribution and refinement ... 216Directions for further research ... 219Indonesia's policy options ... 220The direction of East Asian financial regionalism ... 221Implications for further research ... 223Appendix: List of interviewee ... 224References ... 225

Biography: 

Eko Saputro, an analyst at Indonesia's Ministry of Finance, combines academic training with real-world insights. Trained at some of the best academic institutions in Indonesia and Australia, Saputro is one of the economic thinkers defining East Asia's future.

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