Experience, communication, and collective action: financial autonomy and capital market development in East Asia

초록

From the creation of the eurozone to the African Financial Markets Initiative, the world has seen the emergence of regional financial institutions in recent decades. East Asia is no exception. ASEAN plus Three (China, Japan, and Korea) has institutionalised the Asian Bond Marked Initiative (ABMI) since 2003. What explains the development of the ABMI? We argue that East Asian states established it as an institutional mechanism for regional financial autonomy constrained by their dependence on Western financial market. In making this argument, we propose an experience-communication analytical framework to systematically investigate the formation of collective economic interests. We show that the analytical framework captures the timing and the content of the institutional evolution of the ABMI with greater precision. To demonstrate our claim, we attempt to make best use of both qualitative process tracing and quantitative collocational analysis for the validity and reliability of our claim. Particular attention is paid to analysing the politics of inclusion and exclusion in membership as ASEAN plus Three states shifted the forum for regional bond market cooperation from the APEC, of which the United States is a member, to the ABMI, which excludes the United States in pursuing regional financial autonomy.

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