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By Hitoshi Hirakawa (auth.), Hitoshi Hirakawa, Young-Ho Kim (eds.)

East Asia loved a job as a development heart of the area economic system from the Nineteen Sixties until eventually the foreign money and financial hindrance of 1997. In 1993, the area financial institution issued a document entitled "The East Asian Miracle: fiscal development and Public Policy," within which the financial institution expressed its admiration for the sector 's speedy monetary advance­ ment. even though, inside of merely 4 years the sector had fallen prey to the foreign money and financial drawback that unfold outward from Thailand. in the middle of the drawback, many East Asian nations started in the end to cooperate with each other so one can do something about those extraordinary problems and to avoid one other obstacle. actually, the East Asian quarter was once an exception through the Nineteen Nineties with re­ spect to regionalism. A surge of regionalism, which begun in Europe within the moment part ofthe Nineteen Eighties, unfold to North the USA and Latin the US. even if, the North­ east Asian sector particularly, which includes Japan, China (People's Republic of China), and Korea (Republic of Korea), didn't perform any type of nearby fiscal preparations. neighborhood cooperation frameworks have been restricted to coun­ attempts belonging to the organization of Southeast Asian international locations (ASEAN) and didn't unfold to the Northeast Asian region.

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China, Japan, and Korea all supported the lAI. They also agreed to work toward an "Asian IT belt" to link cities of IT excellence in Asia. In addition, China announced an increesed contribution to the ASEAN-China Cooperation Fund [Fourth ASEAN Summit Chairman 2000]. A social safety net is also provided for the poor. China's accession to the WTO was realized in November 2001 after 15 years of negotiations. 3 billion people, on other East Asian countries is huge. JETRO's White Paper 2001 views the effects ofChina's accession to the WTO as folIows: "China and the ASEAN region will increasingly compete with each other for foreign capital.

ASEAN, Jakarta ASEAN+ 3 Summit (1999) Joint statement on East Asian cooperation. Manila (November 28) ASEAN+3 Summit (2001) Press statement by the chairman ofthe 7th ASEAN summit and the 5th ASEAN+ 3 summit. Bangar Seri Begawan (November 5) Bhagwati J, Greenaway D, Panagariya A (1998) Trading preferentially: theory and policy. Economic Journal 108 (July) Baldwin RE (1997) The causes of regionalism. World Economy 20 Bergsten CF (1998) Reviving the Asian monetary fund. International Economics Policy Briefs 98-8 (December) Bergsten CF (1999) America and Europe: dash ofthe titans.

38 H. Hirakawa References ADB [Asian Development Bank] (1999) Asian development outlook 1999. Oxford University Press, New York APEC (1997) 1997 Result report: Message from the chair of APEC 1997 (November 23) ASEAN Secretariat (1995) ASEAN: An overview. ASEAN, Jakarta ASEAN+ 3 Summit (1999) Joint statement on East Asian cooperation. Manila (November 28) ASEAN+3 Summit (2001) Press statement by the chairman ofthe 7th ASEAN summit and the 5th ASEAN+ 3 summit. Bangar Seri Begawan (November 5) Bhagwati J, Greenaway D, Panagariya A (1998) Trading preferentially: theory and policy.

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