Open Regionalism and Financial Integration in East Asia

East Asia has emerged as the most dynamic and successful region in the world for its economic growth at a rate seldom surpassed by any other regions in the world.1 The so-called, "Asian economic miracle " has been largely attributable to export-led economic expansion in the region. The Asian economic miracle initially by Japan, and then by the Newly Industrialized Countries (NICs), namely, Korea, Taiwan, Hong Kong, and Singapore, who had led the decades of breath-taking economic growth, are now joined by the ASEAN (Association of Southeast Asian Nations) countries, particularl