Abstract

In the wake of the Asian Financial Crisis, East Asia’s efforts to enhance regional financial cooperation raised the possibility of East Asia playing a more assertive role in global financial governance. However, despite the region’s increased voice in governance and economic weight, East Asian financial systems and markets have mostly adapted to global norms developed in New York, London, and Washington, DC. We argue that the failure of East Asia to push an alternative vision of financial governance reflects both the lack of regional political unity and, more crucially, the divisions of interests both between and within key East Asian economies. Despite nearly universal regional dissatisfaction with global standards and institutions in the wake of the Asian Financial Crisis, these two factors have combined to prevent the development of a distinctive regional model that could be promoted at the global level.

中文翻译：

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东盟+3金融合作如何影响全球金融治理？

摘要

在亚洲金融危机之后，东亚为加强区域金融合作所做的努力增加了东亚在全球金融治理中发挥更大作用的可能性。但是，尽管该地区在治理和经济实力方面的呼声越来越高，但东亚金融体系和市场在很大程度上已适应了纽约，伦敦和华盛顿特区制定的全球规范。我们认为，东亚未能推动替代性的金融治理构想既反映了地区政治统一性的缺失，更重要的是，这反映了东亚主要经济体之间和内部的利益分工。尽管在亚洲金融危机之后，几乎所有地区对全球标准和机构的不满，