Cookies Policy
Cookie Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

I accept this policy

Find out more here

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

MyBook is a cheap paperback edition of the original book and will be sold at uniform, low price.

Buy this article

$30.00+ Tax (if applicable)
Add to Favorites

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 coleading 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 most pressing issues of a future financial architecture, such as tackling global imbalances and promoting foreign exchange-rate cooperation. Japan’s muted voice, despite its large financial commitments, reflects its difficult adaptation to the G20 summitry process, as well as political volatility at home, which prevents it from developing measures to deal with the global downturn.

Affiliations: 1: School of International Service, American University 4400 Massachusetts Avenue, NW Washington, DC 20016 USA, Email:


Can't access your account?
  • Tools

  • Add to Favorites
  • Printable version
  • Email this page
  • Create email alert
  • Get permissions
  • Recommend to your library

    You must fill out fields marked with: *

    Librarian details
    Your details
    Why are you recommending this title?
    Select reason:
    The Hague Journal of Diplomacy — Recommend this title to your library

    Thank you

    Your recommendation has been sent to your librarian.

  • Export citations
  • Key

  • Full access
  • Open Access
  • Partial/No accessInformation