Grimes Unveils Asia-Pacific Insights in Published Article
William Grimes, Professor of International Relations and Political Science at Boston University’s Frederick S. Pardee School of Global Studies, together with Dr. Yaechan Lee (Assistant Professor, Ritsumeikan Asia Pacific University) and Dr. William Kring (Executive Director, BU Global Development Policy Center), recently published an article in International Relations of the Asia-Pacific entitled “Financial Cooperation in the Asia-Pacific as Regime Complex: Explaining Patterns of Coverage, Membership, and Rules.”
The article analyzes the development and dynamics of emergency liquidity provision mechanisms to prevent and manage currency crises in East Asia, focusing on how global, regional, and bilateral initiatives interact. It shows how the various initiatives emerged out of a combination of cooperation and competition among major economies including Japan, China, and the United States, as well as the International Monetary Fund. While more funding is available to ensure regional financial stability than ever before, the article analyzes how the different institutional logics and political dynamics of the various currency support mechanisms create uncertainty about how the regime complex would work in a crises.
The article was written in cooperation with a larger research project based at Kyoto University and supported by the Japan Foundation for the Promotion of Science, entitled “From Voluntarism to Obligation: The Rise of Formal Institutions in the Asia-Pacific.
Professor William Grimes has taught at Boston University since 1996. He previously served as the Pardee School’s Dean for Academic Affairs, chair of the Department of International Relations, and the first director of the BU Center for the Study of Asia. He is the author of, amongst others, Currency and Contest in East Asia (2008) and Unmaking the Japanese Miracle (2001). Read more about Professor Grimes on his faculty profile.