Convergence or Divergence Of the Asian Market: Is Regionalism Leading to Regionalisation?

As a result of the Asian crisis in 1998 and the Global Financial Crisis (GFC) in 2008, there is increasing speculation that 'Globalisation' may have stalled.

Convergence or Divergence Of the Asian Market: Is Regionalism Leading to Regionalisation?

Chris Baumann and HaminMacquarie University, Australia

Rosalie TungSimon Fraser University, Canada

Roxan TollGMI, Australia

INTRODUCTION

As a result of the Asian crisis in 1997-1998 and the Global Financial Crisis (GFC) in 2008-2009, there is increasing speculation that “Globalisation” may have stalled (Breman, 1998, James, 2001). There has always been a debate around globalisation’s true nature and magnitude. Friedman (2007) argued that the “world is flat”, suggesting that there are no more differences across countries, whereas, at the opposite end of the spectrum, Ghemawat...

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