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  • Author: Thomas G. Moore
  • Publication Date: 11-2013
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: The global economic crisis revealed China to be an interdependent giant, one whose 'rise' was undeniable but also one whose deepening participation in transnational production sharing and network trade made it highly susceptible to an external shock. China weathered the storm relatively well - avoiding a recession, in particular - not because it had 'decoupled' from the G7 economies but because its stimulus measures were unusually swift and powerful. One cost, however, has been a worsening domestic imbalance between investment and consumption that carries a heightened risk of asset price inflation, non-performing loans and destabilising levels of local government debt. Meanwhile, China's ties to the world economy have not fundamentally changed since the crisis began. Despite stirring leader rhetoric and summit declarations, the BRICS have made only modest progress in meeting their goals. East Asia, North America and Europe remain China's principal trade partners, and cross-border production chains connecting these regions remain the dominant mode of China's incorporation into the world economy.
  • Political Geography: China, Europe, East Asia, North America
  • Author: David Camroux
  • Publication Date: 03-2012
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: Revolving around the concept of 'Community' or 'community', debate on an Asian region has ostensibly pitted those who proposed an entity limited to East Asia (China, Japan, South Korea and the ten countries of the Association of South East Asian Nations, ASEAN) against those who proposed a much wider region embracing India, North (and, perhaps, South) America, as well as Australasia. Previously these two conceptualisations possessed their eponymous translation in the East Asian Economic Caucus (reincarnated as ASEANþ3) and the Asia Pacific Economic Cooperation forum. However, with the creation in 2005 of the East Asian Summit to include India, Australia and New Zealand and, above all, its 2011 enlargement to include the United States and Russia, the contrast between the two conceptualisations of an Asian region has become confused. In order to explain this development, this article suggests that the language of 'region' or 'community' is a discursive smokescreen disguising changes in approaches to multilateralism. An examination of the East Asia Summit, contrasting it with another recent regional project, the Trans Pacific Partnership, suggests that the actors involved are seeking to ensure the primacy of individual nation states in intergovernmental multilateral relations.
  • Topic: Development, Economics
  • Political Geography: China, America, India, East Asia, Asia, Australia
  • Author: Ulrich Volz
  • Publication Date: 12-2012
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: This article provides an overview of the current state of financial regionalism in East Asia and discusses why and how the East Asian countries should go forward in terms of financial and monetary regionalism. It highlights intra-regional exchange rate stability as an important regional public good and makes the case for greater exchange rate cooperation. To this end, East Asian countries should gradually reduce their exposure to the US dollar and move towards currency basket regimes which would sustain relative intra-regional exchange rate stability while allowing for sufficient flexibility to accommodate idiosyncratic shocks. Against the backdrop of the global and European financial crisis, the article also urges a reconsideration of the costs and benefits of international – and regional – financial integration and calls for a further strengthening of East Asia's regional financial architecture.
  • Political Geography: United States, East Asia
  • Author: Nicola Casarini
  • Publication Date: 06-2009
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: There has been a profound shift eastward in global power. The 2008 US National Intelligence Council study highlighted the unprecedented transfer of wealth from the West to the East which is likely to continue in the foreseeable future. US Secretary of State Hillary Clinton chose East Asia for her first official trip abroad in February 2009. For the first time, the new Secretary of State did not go to Europe for the inaugural tour to meet the traditional transatlantic allies. Clinton's visits to Japan, Indonesia, South Korea and China emphasized not only the growing significance of East Asia for the new American administration, but also the increasing mutual interdependence between the two shores of the Pacific. As the Secretary of State told her Chinese counterpart in Beijing, ''We are truly going to rise or fall together.'' The US-China relationship is bound to set the stage for global politics in the next decades and become the central axis around which the Asia-Pacific era will unfold.
  • Political Geography: China, Beijing, East Asia, Asia-Pacific
  • Author: Nicola Casarini
  • Publication Date: 09-2007
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: The Chinese arms embargo issue has gone beyond Sino-European bilateral relations to become a matter of significance - and concern - for East Asian and US policymakers. Thus, an eventual solution depends not only on the interplay between EU and Chinese policymakers' interests and considerations, but is now interconnected with China's domestic developments and regional posture, the security concerns of China's neighbours (especially Japan and Taiwan), the evolution of US-China relations and transatlantic relations.
  • Topic: Development
  • Political Geography: Japan, China, Europe, Taiwan, East Asia