The Future of the ASEAN Economic Integration
Verico discusses the ASEAN economic integration from dual perspectives of time span (trade, investment and finance) and framework (bilateral, sub-regional, regional and regional plus). The work is a comprehensive study of the integration in the wake of th
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Kiki Verico
The Future of the ASEAN Economic Integration
Kiki Verico
The Future of the ASEAN Economic Integration
Kiki Verico The Institute for Economic and Social Research (LPEM), Faculty of Economics and Business, University of Indonesia, Jakarta, Indonesia
ISBN 978-1-137-59612-3 ISBN 978-1-137-59613-0 DOI 10.1057/978-1-137-59613-0
(eBook)
Library of Congress Control Number: 2016957799 © The Editor(s) (if applicable) and The Author(s) 2017 The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover illustration: © epa european pressphoto agency b.v. / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Macmillan Publishers Ltd. The registered company address is: The Campus, 4 Crinan Street, London, N1 9XW, United Kingdom
In memory of my late father, Ma’as Sary (1943–1988) -- You have always been my inspiration To my mother, Nahdiar Ma’as, -- Without you none of this would be possible
Preface
Empirical experiences from the European Union’s (EU) economic integration, which has been adopted as theory in regional economic integration studies, show that neighboring countries within a region can achieve economic integration having undergone phases from trade (Free Trade Area/FTA) to investment (Custom Union and Common Market) before finally achieving financial integration (Single Monetary Union and a Single Currency). This theory was first proposed by Jacob Viner in 1950 and continued by Bela Balassa in 1961 who argues that this process requires formal institutionalization at the regional level. Southeast Asian countries have a similar formal institution at regional level, ASEAN (Association of Southeast Asian Nations), established in 1967. Currently ASEAN’s commitment is to transform Southeast Asia’s economic integra
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