Indonesia and ASEAN Plus Three Financial Cooperation: Domestic Politics, Power Relations, and Regulatory Regionalism

ISBN-13: 9789811030284 / Angielski / Twarda / 2017 / 251 str.

Eko Saputro

Opis

This book examines Financial regionalism in East Asia has stimulated not only a new architecture for regional governance, but also a transformation in Indonesia s national regulatory framework. As a relatively new phenomenon compared to trade regionalism, financial regionalism has successfully shaped cooperative networks among financial authorities in East Asia. In this incisive new book, Eko Saputro explores how new financial alliances and regulatory frameworks will allow Indonesia to rapidly take a new place at the global table, bringing the explosive growth that other Asian countries have seen to the archipelago nation. This book will be of equal value to academics, policy makers, students, and scholars, both in the region and abroad. "

Spis treści

Contents ...................................................................................................................... 3

List of Figures ............................................................................................................. 5

List of Tables .............................................................................................................. 6

List of Abbreviations ................................................................................................. 7

Introduction .............................................................................................................. 12

Indonesia and the Dynamics of Regional Financial Cooperation .......................... 12

Why Indonesia matters .......................................................................................... 16

Explaining Financial Regionalism in East Asia .................................................... 28

Reviewing the research on East Asian financial regionalism ................................ 29

Power relations .................................................................................................. 34

Domestic factors ................................................................................................ 38

Regulatory regionalism .......................................................................................... 44

The Progress of East Asian Financial Regionalism .............................................. 54

ASEAN .................................................................................................................. 55

APEC ..................................................................................................................... 61

APT Cooperation ................................................................................................... 62

The CMIM ......................................................................................................... 63

The ABMI .......................................................................................................... 67

ASEAN and APT are more concrete than APEC .................................................. 69

Domestic Politics in Indonesia and Financial Regionalism in East Asia ............ 71

Political change and varying approaches to regional cooperation ......................... 72

The non-democratic era ..................................................................................... 72

Habibie’s transitional administration ................................................................. 76

The democratic era ............................................................................................. 77

The impact of democratisation ............................................................................... 82

Separation of power under democratic regimes................................................. 83

Changes to financial institutions and policy making ......................................... 85

Independence and coordination ......................................................................... 90

Transparency and economic openness ............................................................... 93

Wider participation ............................................................................................ 95

Power Relations, Bilateral Ties and Indonesia’s Responses ................................ 98<

Japan, China and the APT: cooperation, competition and compromise ................ 99

Indonesia’s approach: maintaining Japan and welcoming China ........................ 105

Reciprocity with Japan ..................................................................................... 105

Ideology, pragmatism and relations with China .............................................. 111

An independent stance? ....................................................................................... 119

Why perceptions matter ................................................................................... 125

Indonesia and the CMIM ...................................................................................... 131

The CMIM’s evolution as a crisis counter measure ............................................ 132

Enhancing transnational policy coordination................................................... 133

Regional initiatives with global standards ....................................................... 139

Broadening participation .................................................................................. 148

De-politicising regional assistance .................................................................. 149

Fully supporting the CMIM ................................................................................. 150

Reaping benefits for the Indonesian economy ................................................. 150

Limited participation of non-state actors ......................................................... 156

National coordination networks ....................................................................... 158

Internal transformation and de-politicisation ................................................... 163

Indonesia and the ABMI ....................................................................................... 171

APT bond market initiatives ................................................................................ 173

The CGIF ......................................................................................................... 173

The ABMF ....................................................................................................... 174

Non-state actors in bond market projects......................................................... 177

Standardisation and harmonisation projects .................................................... 179

Enhancing collaborative work ......................................................................... 183

Limiting political aims ..................................................................................... 184

Indonesia’s complicated stance on the ABMI ..................................................... 185

Growing participation of non-state actors........................................................ 189

Complex policy coordination ........................................................................... 192

Mixed responses to standardisation and harmonisation .................................. 195

Minimal effects of de-politicisation ................................................................. 207

Conclusion .............................................................................................................. 209

Factors affecting Indonesia’s responses ............................................................... 210

The domestic political economy ...................................................................... 211

The de-politicisation of regulatory agencies .................................................... 213

Internal policy coordination ............................................................................. 214

Bilateral interdependence and perceptions ...................................................... 215

Theoretical contribution and refinement .............................................................. 216

Directions for further research ............................................................................. 219

Indonesia’s policy options ............................................................................... 220

The direction of East Asian financial regionalism ........................................... 221

Implications for further research ...................................................................... 223

Appendix: List of interviewee ............................................................................... 224

References ............................................................................................................... 225

O autorze

Eko Saputro, an analyst at Indonesia's Ministry of Finance, combines academic training with real-world insights. Trained at some of the best academic institutions in Indonesia and Australia, Saputro is one of the economic thinkers defining East Asia's future.

Blurb

This book examines Indonesia’s national regulatory framework in comparison to trade regionalism. As a relatively new phenomenon compared to trade regionalism, financial regionalism has successfully shaped cooperative networks among financial authorities in East Asia. In this incisive new book, Eko Saputro explores how new financial alliances and regulatory frameworks will allow Indonesia to rapidly take a new place at the global table, bringing the explosive growth that other Asian countries have seen to the archipelago nation. This book will be of equal value to academics, policy makers, students, and scholars, both in the region and abroad.