Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis

Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis © Koninklijke Brill NV, Leiden, 2011 DOI: 10.1163/187119111X571412 The Hague Journal of Diplomacy 6 (2011) 37-61 brill.nl/hjd Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis Mireya Solís * , ** School of International Service, American University, 4400 Massachusetts Avenue, NW Washington, DC 20016, USA solis@american.edu Received: 21 September 2010; revised: 11 March 2011; accepted: 17 March 2011 Summary Japan’s response to the global financial crisis has emphasized global initiatives and downplayed the regional agenda, in sharp contrast with its approach to the Asian financial crisis. This rebalancing in Japan’s economic diplomacy reflects the greater political space that it has enjoyed at the global level since its long-held views on the benefits of flexible International Monetary Fund (IMF) lending practices and controls on volatile capital flows became mainstream. Meanwhile, at the regional level Japan faces stiff competition from China in shaping the regional integration agenda and unchartered territory in co- leading a multilateral Chiang Mai Initiative. Despite its enhanced profile, Japan’s new globalism is uneven: it has made a very significant financial contribution to expand the IMF’s resources and to restore trade financing; but Japan has not played a major role in the debate surrounding the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Hague Journal of Diplomacy Brill

Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis

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Publisher
BRILL
Copyright
© 2011 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1871-1901
eISSN
1871-191X
D.O.I.
10.1163/187119111X571412
Publisher site
See Article on Publisher Site

Abstract

© Koninklijke Brill NV, Leiden, 2011 DOI: 10.1163/187119111X571412 The Hague Journal of Diplomacy 6 (2011) 37-61 brill.nl/hjd Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis Mireya Solís * , ** School of International Service, American University, 4400 Massachusetts Avenue, NW Washington, DC 20016, USA solis@american.edu Received: 21 September 2010; revised: 11 March 2011; accepted: 17 March 2011 Summary Japan’s response to the global financial crisis has emphasized global initiatives and downplayed the regional agenda, in sharp contrast with its approach to the Asian financial crisis. This rebalancing in Japan’s economic diplomacy reflects the greater political space that it has enjoyed at the global level since its long-held views on the benefits of flexible International Monetary Fund (IMF) lending practices and controls on volatile capital flows became mainstream. Meanwhile, at the regional level Japan faces stiff competition from China in shaping the regional integration agenda and unchartered territory in co- leading a multilateral Chiang Mai Initiative. Despite its enhanced profile, Japan’s new globalism is uneven: it has made a very significant financial contribution to expand the IMF’s resources and to restore trade financing; but Japan has not played a major role in the debate surrounding the

Journal

The Hague Journal of DiplomacyBrill

Published: Jan 1, 2011

Keywords: Japanese economic diplomacy; regional integration; free-trade agreements; global financial crisis; global financial architecture; Japanese politics

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