Asia’s economies have been hard hit by the current global financial crisis, despite in most cases enjoying strong macroeconomic fundamentals and stable financial systems.  Early hopes were that the region might be “decoupled” from the Western world’s financial woes and even able to lend the West a hand through high growth and the investment of large foreign exchange reserves.  But that optimism has been dashed by slumping exports, plunging commodity prices, and capital outflows.  The region’s most open, advanced and globally-integrated economies—Hong Kong, Singapore, and Taiwan—are already in severe recession, with Japan, Korea and Malaysia not far behind, and dramatic slowdowns are underway in China, India, Indonesia, Thailand and Vietnam.  What role did Asian countries play in the genesis of the global crisis, and why have they been so severely impacted?  How is their recovery likely to be shaped by market developments and institutional changes in the West, and in Asia itself in response to the crisis?  Will the region’s embrace of accelerated globalization and marketization following the 1997-98 Asian financial crisis now be retarded or reversed?

Linda Lim is a leading authority on Asian economies, Asian business, and the impacts of the current global financial crisis on Asia, and she has published widely on these topics. Her current research is on the ASEAN countries’ growing economic linkages with China.

Forthcoming in 2009 are Globalizing State, Disappearing Nation: The Impact of Foreign Participation in the Singapore Economy (with Lee Soo Ann) and Rethinking Singapore’s Economic Growth Model. She serves on the executive committees of the Center for Chinese Studies and the Center for International Business Education at the University of Michigan, where formerly she headed the Center for Southeast Asian Studies. Before coming to Michigan, she taught economic development and political economy at Swarthmore. A native of Singapore, she obtained her degrees in economics from Cambridge (BA), Yale (MA), and Michigan (PhD).

The U.S. financial crisis has spread around the globe. Financial globalization means that most countries and regions are not immune to the contagious effects of a financial crisis that originates in one country.

East Asian countries had already experienced the contagious effects of a financial crisis in 1997. That year, a financial crisis that broke out in Thailand and Indonesia reached Malaysia and then South Korea. Each of these countries reacted differently to the crisis. South Korea, Indonesia, and Thailand accepted International Monetary Fund (IMF) conditionalities that required neoliberal economic restructuring in return for emergency loans, while Malaysia rejected the IMF offer and instead encouraged the inflow of speculative financial capital, while reforming the banking and financial system. In the aftermath of the East Asian financial crisis, regional economic, financial and security cooperation were discussed among East Asian countries. These efforts resulted in the Chiang Mai Initiative, the Bond Initiative, the East Asian Summit, the Shanghai Cooperation Organization, and the Six Party Talks.

Thus, regionalism in East Asia was revived in response to external shocks, such as global financial volatility, endogenous opportunities such as East Asian market compatibility (Pempel, 2008), endogenous security threats such as the North Korean nuclear development, and exogenous opportunities such as "bringing in the U.S." (Pempel, 2008).

Nonetheless, East Asian regionalism is still at a low level of institutionalization compared to Europe. East Asian regionalism is still basically "bottom-up, corporate (market)-driven regionalism" (Pempel, 2005). 

I will discuss the obstacles and the opportunities that Northeast Asian countries are facing since the end of the Cold War and the advent of globalization.

Hyug Baeg Im is Professor at the Department of Political Science and International Relations, Korea University, Seoul, South Korea. He is Dean at the Graduate School of Policy Studies and Director at Institute for Peace Studies. He received B.A. in political science from Seoul National University, M.A. and Ph.D. in political science from the University of Chicago. He was visiting professor at Georgetown University (1995-1996), Duke University (1997), Stanford University (2002-2003) and visiting fellow at International Forum for Democratic Studies, National Endowment for Democracy, Washington DC (1995-1996). He served as a presidential adviser of both Kim Dae Jung and Roh Moo Hyun presidency. His current research focuses on the impact of IT revolution and globalization on Korean democracy. His publications include “The Rise of Bureaucratic Authoritarianism in South Korea,” World Politics, Vol. 34, No. 2 (1987), “South Korean Democratic Consolidation in Comparative Perspective” in Consolidating Democracy in South Korea (Lynne Rienner, 2000) and “’Crony Capitalism’ in South Korea, Thailand, and Taiwan: Myth and Reality,” (co-authored with Kim, Byung Kook) Journal of East Asian Studies, Vol. 1, No. 1 (2001), “Faltering Democratic Consolidation in South Korea: Democracy at the End of Three Kims Era” Democratization, Vol. 11, No. 5(2004), “Christian Churches and Democratization in South Korea” in Tun-jen Cheng and Deborah A. Brown (eds.), Religious Organizations and Democratization: Comparative Case Studies in Contemporary Asia (M.E. Sharpe, 2006) and “The US Role in Korean Democracy and Security since Cold War Era,” International Relations of the Asia Pacific, Vol. 6, No.2 (2006).

Abstract: Nuclear testing has a special place in the Indian nuclear discourse. India's activism on disarmament issues can be traced back to Prime Minister Jawaharlal Nehru's 1954 call for a test ban. In recent times, at three critical junctures: CTBT negotiations (1994-96), the dialogue with the U.S. after the nuclear tests of May 1998 (1998-2000) and the negotiations on the civil nuclear agreement with the U.S. (2005-2008), the testing issue has made a demand for answers on fundamental questions. Gill and Gopalaswamy believe that the debate on the politics and science of nuclear testing in India reflects two larger questions: firstly, in the manner in which India should relate to the wider nonproliferation regime pending nuclear disarmament and secondly what should be the nature and extent of the Indian nuclear deterrent in a world with nuclear weapons? Neither of these questions has been satisfactorily answered and thus it is still an open debate.

There are significant international dimensions to this debate. The first aspect is the fate of the CTBT, which India refused to sign after two and half years of engagement. The second aspect is the perceptions of the credibility of India's deterrent in a fluid strategic landscape. Gill and Gopalaswamy argue that while India has begun to be relatively more engaging with the nonproliferation regime, it is unlikely that New Delhi will ratify the CTBT anytime soon. Rather, engagement with India on fissile material/fuel cycle control and delegitimization of nuclear weapons may turn out to be a more productive use of scarce political capital in New Delhi and elsewhere in the short run. As this engagement develops, the CTBT would be seen less as a step child of the regime from which India was kept apart but more as one among a number of regimes that involve India in a network of mutual restraints, thus improving the prospects for India's participation in a formal, global ban on testing.

On the scientific aspects, Gill and Gopalaswamy argue that a ‘perceptual set' induced by U.S. nuclear history is at the heart of the controversy over the two-stage device tested on May 11, 1998. They believe that in the light of new data made available by Indian scientists, the option of renewed explosive testing should be considered by India only as a demonstration of intent to maintain the credibility of India's deterrent if certain redlines were to be crossed. The fact that India has such redlines in mind would act to induce more responsibility on part of the other nuclear weapon states relevant to India's decisions, thus reducing the probability of renewed testing by India.

Amandeep Singh Gill is a visiting fellow at CISAC. He is a member of the Indian Foreign Service and has served in the Indian Mission to the United Nations in Geneva, the Indian Embassy in Tehran and the High Commission of India in Colombo. At headquarters in New Delhi, he has served twice in the Disarmament and International Security Affairs Division of the Ministry of External Affairs from 1998 to 2001 and again from 2006 to 2008 at critical junctures in India’s nuclear diplomacy. He was a member of the Indian delegation to the Conference on Disarmament during the negotiations on the Comprehensive Nuclear Test Ban Treaty. He has also served as an expert on the UN Secretary General’s panels of experts on Small Arms and Light Weapons and on Missiles.

His research priorities include disarmament, arms control and non proliferation, Asian regional security and human security issues.  He is currently working on the interaction of nuclear policies of major states, particularly in Asia.

Before joining the Indian Foreign Service, Amandeep Gill worked as a telecommunications engineer. He retains an abiding interest in the interaction of science, security and politics. He is founder of a non-profit called Farmers First Foundation that seeks to reclaim agriculture for the farmers and demonstrate the viability of integrated agriculture in harmony with nature.

Bharath Gopalaswamy is a postdoctoral associate at Cornell University's Peace Studies Program. He has a PhD in Mechanical Engineering with a specialization in Numerical Acoustics. He has previously worked at the Indian Space Research Organization's High Altitude Test Facilities and the European Aeronautics Defense and Space Company's Astrium GmbH division in Germany.

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Philip Taubman is a consulting professor at CISAC, where is working on a book project about nuclear threats and the joint effort of Sid Drell, Henry Kissinger, Sam Nunn, Bill Perry and George Shultz to reduce nuclear dangers. Before joining CISAC this fall, Mr. Taubman worked at the New York Times as a reporter and editor for nearly 30 years, specializing in national security issues, including intelligence and defense policies and operations. At the Times, Taubman served as a Washington correspondent, Moscow bureau chief, deputy editorial page editor, Washington bureau chief and associate editor.

Taubman also serves as Stanford associate vice president for university affairs, working on special projects for Stanford's president, John Hennessy.

Taubman was a history major at Stanford, Class of 1970, and served as editor-in-chief of the Stanford Daily in 1969. Before joining the New York Times, he worked as a correspondent for Time magazine and was sports editor of Esquire. He was a member of the Stanford Board of Trustees, 1978-1982. He is author of Secret Empire: Eisenhower, the CIA, and the Hidden Story of America's Space Espionage. (Simon & Schuster, 2003.) Taubman is married to Felicity Barringer, the national environmental correspondent of the New York Times and a fellow Stanford graduate, Class of 1971.

Frank Foley, a 2008-09 Zukerman Fellow, is a postdoctoral student in international security at CISAC. His research concerns counterterrorist policy and operations, the reform of intelligence and police agencies and the increasing role of judicial and prosecutorial actors in the field of security. His PhD dissertation, currently under revision for publication, is a comparative analysis of British and French counterterrorist policies, which argues that western states' different institutional characteristics and norms in the field of security are shaping their responses to Islamist terrorism, leading to divergent approaches to a common problem. At CISAC, Frank is analyzing the co-ordination of counterterrorist agencies within the United States, France and Britain, drawing on organization theory to explain why some countries achieve higher levels of inter-agency co-operation than others. He has also written on European Union security policy and on terrorism and community conflict in Northern Ireland. Upcoming projects include a review of the terrorism and counterterrorism literature for the International Studies Association's Compendium Project and an analysis of the forces shaping international co-operation on counterterrorism at both the diplomatic and operational levels.

Frank received his PhD from the Department of Political and Social Sciences at the European University Institute in Florence, Italy, and is a graduate of the University of Cambridge (MPhil) and University College Cork (BA, MA). He worked as a journalist in Brussels and as a researcher in Northern Ireland between 2001 and 2004.

Martha Crenshaw is a senior fellow at CISAC and FSI and a professor of political science by courtesy. She was the Colin and Nancy Campbell Professor of Global Issues and Democratic Thought and professor of government at Wesleyan University in Middletown, Conn., from 1974 to 2007. Her current research focuses on innovation in terrorist campaigns, the distinction between "old" and "new" terrorism, why the United States is the target of terrorism, and the effectiveness of counterterrorism policies.

She has written extensively on the issue of political terrorism; her first article, "The Concept of Revolutionary Terrorism," was published in the Journal of Conflict Resolution in 1972. Her recent work includes "Terrorism, Strategies, and Grand Strategies," in Attacking Terrorism (Georgetown University Press), "Terrorism and Global Security," in Leashing the Dogs of War: Conflict Management in a Divided World (United States Institute of Peace Press), and "Explaining Suicide Terrorism: A Review Essay," in the journal Security Studies. She is also the editor of a projected volume, The Consequences of Counterterrorist Policies in Democracies, for the Russell Sage Foundation in New York.

She served on the Executive Board of Women in International Security and chaired the American Political Science Association (APSA) Task Force on Political Violence and Terrorism. She has also served on the Council of the APSA and is a former President and Councilor of the International Society of Political Psychology (ISPP). In 2004 ISPP awarded her its Nevitt Sanford Award for Distinguished Scientific Contribution and in 2005 the Jeanne Knutson award for service to the society. She serves on the editorial boards of the journals International Security, Orbis, Political Psychology, Security Studies, and Terrorism and Political Violence. She coordinated the working group on political explanations of terrorism for the 2005 Club de Madrid International Summit on Democracy, Terrorism and Security. She is a lead investigator with the National Center for the Study of Terrorism and the Response to Terrorism (START) at the University of Maryland, funded by the Department of Homeland Security. She was a Guggenheim Fellow in 2005-2006. She served on the Committee on Law and Justice and the Committee on Determining Basic Research Needs to Interrupt the Improvised Explosive Device Delivery Chain of the National Research Council of the National Academies of Science. She was a senior fellow at the National Memorial Institute for the Prevention of Terrorism in Oklahoma City for 2006-2007.

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Gregory Treverton is director of the RAND Corporation's Center for Global Risk and Security.  Earlier, he directed RAND's Intelligence Policy Center and its International Security and Defense Policy Center, and he was associate dean of the Pardee RAND Graduate School.    His recent work has examined at terrorism, intelligence and law enforcement, with a special interest in new forms of public-private partnership.  He has served in government for the first Senate Select Committee on Intelligence, handling Europe for the National Security Council and, most recently as vice chair of the National Intelligence Council, overseeing the writing of America's National Intelligence Estimates (NIEs).  He holds an A. B. summa cum laude from Princeton University and an M.P.P (Master's in Public Policy) and Ph.D. in economics and politics from Harvard.  His latest books are Intelligence for an Era of Terror, forthcoming; Reshaping National Intelligence for an Age of Information, Cambridge University Press, 2001; and New Challenges, New Tools for Defense Decisionmaking, (edited,), RAND, 2003.

Frank Foley, a 2008-09 Zukerman Fellow, is a postdoctoral student in international security at CISAC. His research concerns counterterrorist policy and operations, the reform of intelligence and police agencies and the increasing role of judicial and prosecutorial actors in the field of security. His PhD dissertation, currently under revision for publication, is a comparative analysis of British and French counterterrorist policies, which argues that western states' different institutional characteristics and norms in the field of security are shaping their responses to Islamist terrorism, leading to divergent approaches to a common problem. At CISAC, Frank is analyzing the co-ordination of counterterrorist agencies within the United States, France and Britain, drawing on organization theory to explain why some countries achieve higher levels of inter-agency co-operation than others. He has also written on European Union security policy and on terrorism and community conflict in Northern Ireland. Upcoming projects include a review of the terrorism and counterterrorism literature for the International Studies Association's Compendium Project and an analysis of the forces shaping international co-operation on counterterrorism at both the diplomatic and operational levels.

Frank received his PhD from the Department of Political and Social Sciences at the European University Institute in Florence, Italy, and is a graduate of the University of Cambridge (MPhil) and University College Cork (BA, MA). He worked as a journalist in Brussels and as a researcher in Northern Ireland between 2001 and 2004.

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