Lai, Jikon, and John Ravenhill

Abstract
The global financial crisis (GFC) was widely perceived as accelerating a shift in the centre of global economic gravity towards Asia (Drysdale and Armstrong, 2011). While the GFC precipitated stagnation in the United States and throughout most of Europe, Asia escaped largely unscathed (and notably suffered less economic damage than during the Asian financial crises of a decade earlier). This paper examines how the GFC has affected Asian states’ attitudes towards and participation in regional and global institutions. We begin with a brief overview of the impact of the crisis on Asia. We then turn to the regional level, examining developments in financial and trade cooperation. The final section examines how the GFC has led to changes in Asia’s role in global institutions, and considers how these changes may interact with cooperation at the regional level.
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