ECONOMIC INTEGRATION IN EAST ASIA AND EUROPE: LESSONS FROM A COMPARATIVE ANALYSIS

2010 ◽  
Vol 55 (01) ◽  
pp. 163-184 ◽  
Author(s):  
GIOVANNI CAPANNELLI ◽  
CARLO FILIPPINI
Keyword(s):  
East Asia ◽  
Economic Integration ◽  
East Asian ◽  
The European Union ◽  
Production Networks ◽  
Trade Patterns ◽  
Financial Cooperation ◽  
Regional Production ◽  
Recent Developments ◽  
The Eu

This paper compares the economic integration processes of the European Union and the East Asian nations and comments on the possible reciprocal lessons, if any, that can be drawn to smooth the future paths of the two groups. The most relevant lessons on the EU side rely on strong institutionalization, structural policies, and the monetary union. Lessons from East Asia can be found in regional production networks, trade patterns, and the recent developments in financial cooperation. Both entities are presently facing difficult challenges to progress and growth.

SINGAPORE AND ASEAN IN THE NEW REGIONAL DIVISION OF LABOR

2008 ◽  
Vol 53 (03) ◽  
pp. 479-508 ◽  
Author(s):  
PREMA-CHANDRA ATHUKORALA
Keyword(s):  
North America ◽  
East Asia ◽  
Division Of Labor ◽  
Global Economy ◽  
The Other ◽  
The European Union ◽  
Production Networks ◽  
Trade Patterns ◽  
Asean Countries ◽  
Fragmentation Of Production

This paper examines the implications of international fragmentation of production for trade patterns of Singapore and the other ASEAN economies, with emphasis on their regional and global economic integration. The analysis reveals that the degree of dependence of these countries on this new global division of labor is much larger compared to the other countries of East Asia, Europe and North America. China has emerged as an important trading partner for ASEAN within regional production networks. Network-related trade in parts and components has certainly strengthened economic interdependence among ASEAN countries and between ASEAN, China and the other major economies in East Asia, but this has not lessened the dependence of growth dynamism of these countries on the global economy. The operation of the regional cross-border production networks depends inexorably on trade in final goods with North America and the European Union.

scholarly journals Economic Integration and Network Trade: A Comparison of  East Asia  and the European Union

2020 ◽  
Vol 19 (1) ◽  
pp. 19-37
Author(s):  
Son Thanh Nguyen ◽  
Yanrui Wu
Keyword(s):  
European Union ◽  
East Asia ◽  
Trade Flows ◽  
Export Market ◽  
Intermediate Goods ◽  
The European Union ◽  
Production Networks ◽  
Large Share ◽  
Regional Production ◽  
Intermediate Goods Trade

The emergence of production networks has changed the structure of international trade, which is characterized by a large share of intra-regional trade flows and a rising value of intermediate goods trade or network trade between countries within the same region. This paper investigates the change in impact of trade determinants with the formation of regional production networks. At the global level, the results show that intermediate goods exports are more sensitive to trade barriers than total goods exports. At the regional level, the comparison reveals that, despite the efforts directed toward export market diversification in East Asia, the region is still more dependent on other regions’ economic conditions than the European Union is.

Vertical Intra-Industry Trade and Economic Integration in East Asia

2007 ◽  
Vol 6 (1) ◽  
pp. 26-39 ◽  
Author(s):  
Ryuhei Wakasugi
Keyword(s):  
East Asia ◽  
Economic Integration ◽  
East Asian ◽  
Gravity Equation ◽  
Asian Countries ◽  
Trade Expansion ◽  
Industry Trade ◽  
Fragmentation Of Production ◽  
The Growth Of Economy ◽  
The Eu

It is notable that the trade in East Asian countries has increased more than proportionately to the growth of economy. This paper tests the hypothesis that the recent trade expansion is induced by development of international fragmentation of production. This paper constructs an index of vertical intra-industry trade (VIIT) to measure the fragmentation of production, and finds that the share of VIIT has been rising in East Asia as well as in NAFTA and the EU using the gravity equation. It also establishes that a rising share of VIIT is an important factor in explaining the recent expansion of trade with East Asia. The results suggest that an agreement to remove and harmonize institutional impediments among East Asian countries is important for further expansion of trade within the region.

Whither East Asian Regionalism? An ASEAN Perspective

2007 ◽  
Vol 6 (3) ◽  
pp. 1-36 ◽  
Author(s):  
Siow Yue Chia
Keyword(s):  
East Asia ◽  
Regional Integration ◽  
East Asian ◽  
The United States ◽  
The European Union ◽  
Production Networks ◽  
Political Relations ◽  
The World ◽  
Rise Of China ◽  
The Rise Of China

East Asia is catching up with the rest of the world in establishing regional trade arrangements (RTAs). This region is responding to pressures from globalization, regionalism in the Americas and Europe, the rise of China and India, improved political relations in the region with the end of the Cold War, as well as market-driven trade and investment integration and the emergence of production networks. ASEAN formed the first RTA in 1992, and by the turn of the decade, ASEAN was signing or negotiating free trade agreements (FTAs) with Japan, China, South Korea, India, Australia–New Zealand, and the European Union. It also entered into bilateral FTAs with the United States and countries in Latin America, Africa, the Middle East, and South Asia. ASEAN is also considering an East Asian FTA. Can ASEAN remain in the driver's seat of regional integration and be an effective hub? The FTA proliferation also has important consequences and effects for East Asia and the world trading system.

The Role of Financial Innovation in EU Market Integration and the Capital Markets Union

2018 ◽  
Author(s):  
Emilios Avgouleas
Keyword(s):  
Capital Markets ◽  
Risk Sharing ◽  
Market Integration ◽  
Financial Innovation ◽  
The European Union ◽  
Recent Developments ◽  
Capital Markets Union ◽  
Critical Overview ◽  
The Eu

This chapter offers a critical overview of the issues that the European Union 27 (EU-27) will face in the context of making proper use of financial innovation to further market integration and risk sharing in the internal financial market, both key objectives of the drive to build a Capital Markets Union. Among these is the paradigm shift signalled by a technological revolution in the realm of finance and payments, which combines advanced data analytics and cloud computing (so-called FinTech). The chapter begins with a critical analysis of financial innovation and FinTech. It then traces the EU market integration efforts and explains the restrictive path of recent developments. It considers FinTech's potential to aid EU market integration and debates the merits of regulation dealing with financial innovation in the context of building a capital markets union in EU-27.

Defining Elements and Emerging Legal Issues of eu “Sanctions”

2018 ◽  
Vol 27 (1) ◽  
pp. 33-52
Author(s):  
Leonardo Borlini ◽  
Stefano Silingardi
Keyword(s):  
Legal Issues ◽  
Policy Framework ◽  
The European Union ◽  
The United Kingdom ◽  
Recent Developments ◽  
Legal Position ◽  
Grand Chamber ◽  
Restrictive Measures ◽  
Ukraine Crisis ◽  
The Eu

With some 40 different types of restrictive measures in force, the European Union is undisputedly one of the major protagonists of today’s sanction regimes. Measures such as selective trade embargos, asset freezes and travel bans have been adopted by the EU not only to implement Security Council mandated sanctions, but also in addition to (as with Iran and North Korea) or in the absence of UN action (as with Syria and Russia). Further, EU recent practice evidences that sanctions (Myanmar and Zimbabwe) have served the EU and its member states’ own interests also with the view to promoting (the European construction of) values generally shared in international society. After outlining the legal discipline and the policy framework of EU restrictive measures, the present article analyses the legal issues emerging with respect to EU sanctions over the last four years. Among these, the 2017 ruling of the Grand Chamber of the Court of Justice of the EU in Rosneft, Brexit and its consequences on the implementation/adoption of sanctions by the United Kingdom, and recent developments concerning the legal position of candidate countries which refused to align with the EU sanction adopted in reaction to the Ukraine crisis, are the most important.

scholarly journals Production Networks and Trade Patterns in East Asia: Regionalization or Globalization?

2011 ◽  
Vol 10 (1) ◽  
pp. 65-95 ◽  
Author(s):  
Prema-chandra Athukorala
Keyword(s):  
Financial Crisis ◽  
East Asia ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Trade Flows ◽  
Production Networks ◽  
Trade Patterns ◽  
Republic Of China ◽  
Final Assembly ◽  
The Global Financial Crisis

This paper examines the implications of global production sharing for economic integration in East Asia with emphasis on the behavior of trade flows in the wake of the 2008 global financial crisis. Although trade in parts and components and final assembly within production networks (“network trade”) has generally grown faster than total world trade in manufacturing, the degree of dependence of East Asia on this new form of international specialization is proportionately larger than elsewhere in the world. Network trade has certainly strengthened economic interdependence among countries in the region with the People's Republic of China playing a pivotal role as the premier center of final assembly. However, contrary to popular belief, this has not lessened the dependence of the export dynamism of these countries on the global economy. This inference is basically consistent with the behavior of trade flows following the onset of the global financial crisis.

scholarly journals Foreign Direct Investment Between Asian Developing Countries and the EU Member States: The Role of Integration Processes

2013 ◽  
Vol 16 (2) ◽  
pp. 5-23
Author(s):  
Janina Witkowska
Keyword(s):  
European Union ◽  
Developing Countries ◽  
Foreign Direct Investment ◽  
East Asia ◽  
Direct Investment ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Western Asia ◽  
The Eu

This article discusses the conditions surrounding the flow of foreign direct investment (FDI) between the developing countries of Asia (East Asia, South-East Asia, Southern Asia, and Western Asia) and the countries with membership in the European Union (EU), including the so-called ‘new’ Member States (EU12). At the intra-regional and inter-regional levels, the flow is especially affected by the world economic crisis, which has effected changes in the positions of the analyzed countries on a global scale. The integration processes taking place in the EU also significantly affect the intensity of FDI flow within the group, while the processes taking place in the developing countries of Asia are not yet sufficiently enough advanced to significantly affect the flow of FDI. Inter-regional FDI flows take place between the subject regions and sub-regions. The observed phenomenon of emerging Asian net exporters of capital in the form of FDI to the European Union may be strengthened by the process of Asian integration. For the new EU Member States the developing Asian countries may constitute an alternative source of capital in the crisis conditions.

Recent Developments of Corporate Governance in the European Union and their Impact on the German Legal System

2004 ◽  
Vol 5 (10) ◽  
pp. 1275-1294
Author(s):  
Athanasios Kouloridas ◽  
Jens von Lackum
Keyword(s):  
Corporate Governance ◽  
Action Plan ◽  
Company Law ◽  
Public Consultation ◽  
Public Confidence ◽  
The European Union ◽  
Legal Form ◽  
Recent Developments ◽  
Set Up ◽  
The Eu

The collapses of several US-businesses like those of Enron and Worldcom and a number of scandals in the EU – in the recent past that of Parmalat – have strongly affected public confidence in the operation and governance of large entities trading their shares in organized capital markets. The European Commission reacted by issuing the Action Plan on Modernizing Company Law and Enhancing Corporate Governance in the EU on 21 May 2003. The Action Plan contains measures which the Commission wants to implement over the short term (until 2005), medium term (until 2008) and long term (until 2010). The key issues set up in the Action Plan concern corporate governance, capital maintenance, recapitalization as well as decreasing capital, groups of companies, international corporate restructuring and the introduction of a new legal form of incorporation. The fact that the big rating agencies have begun to rate the corporate governance performances of major companies, can well be seen as a further indicator that good corporate governance has an important concern for managers, shareholders and for policy makers. As part of the Action Plan, the Commission has recently launched consultations on board responsibilities and improving financial and corporate governance information, on directors’ remuneration and on the role of (independent) non-executive or supervisory directors. In the light of these recent consultations and the results of the public consultation on the Action Plan, this Article offers an overview and assessment of the corporate governance measures planned at Community level.

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