© 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 email@example.com 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
The Hague Journal of Diplomacy – Brill
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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