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European integration – A model for South-East Asia?

European integration – A model for South-East Asia? Asia Europe Journal (2005) 3: 7–11 ASIA DOI: 10.1007/s10308-004-0128-2 EUROPE JOURNAL Springer-Verlag 2005 European integration – A model for South-East Asia? Tan Suan Fong National University of Singapore Introduction The beginning of July 1997 provided two of the more significant events in the st recent history of South-East Asia. On 1 July, the last Governor of Hong Kong sailed away at the stroke of midnight as the British colony was handed back to China, marking another lengthening of the shadow of South-East Asia’s neighbouring super-power. The following day, despite spending close to US$33 billion in a vain attempt to shore up the baht, Thailand was forced into a float of its ailing currency (Palmujoki 2001; p.122). The resulting cascade of negative knock-on effects resulted in the Asian financial crisis, which dragged the entire South-East Asian region (with the notable exception of the Indochina states) into recession in 1998. Aside from the tremendous political, social and economic upheavals which beset the region in the wake of the crisis, mortal wounds were also inflicted on the then fashionable theory of Asian economic exceptionalism as well as the credibility of the dominant regional grouping – ASEAN. The post-crisis flagellation of ASEAN, whether http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Asia Europe Journal Springer Journals

European integration – A model for South-East Asia?

Fong, Tan Suan
Asia Europe Journal , Volume 3 (1) – Jan 1, 2004
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Publisher
Springer Journals
Copyright
Copyright © 2005 by Springer-Verlag Berlin Heidelberg
Subject
Social Sciences; Social Sciences, general; International Economics
ISSN
1610-2932
eISSN
1612-1031
DOI
10.1007/s10308-004-0128-2
Publisher site
See Article on Publisher Site

Abstract

Asia Europe Journal (2005) 3: 7–11 ASIA DOI: 10.1007/s10308-004-0128-2 EUROPE JOURNAL Springer-Verlag 2005 European integration – A model for South-East Asia? Tan Suan Fong National University of Singapore Introduction The beginning of July 1997 provided two of the more significant events in the st recent history of South-East Asia. On 1 July, the last Governor of Hong Kong sailed away at the stroke of midnight as the British colony was handed back to China, marking another lengthening of the shadow of South-East Asia’s neighbouring super-power. The following day, despite spending close to US$33 billion in a vain attempt to shore up the baht, Thailand was forced into a float of its ailing currency (Palmujoki 2001; p.122). The resulting cascade of negative knock-on effects resulted in the Asian financial crisis, which dragged the entire South-East Asian region (with the notable exception of the Indochina states) into recession in 1998. Aside from the tremendous political, social and economic upheavals which beset the region in the wake of the crisis, mortal wounds were also inflicted on the then fashionable theory of Asian economic exceptionalism as well as the credibility of the dominant regional grouping – ASEAN. The post-crisis flagellation of ASEAN, whether

Journal

Asia Europe Journal – Springer Journals

Published: Jan 1, 2004

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