Hsieh, Chieh-chi (2019) A historical institutionalist approach to Asian financial regionalism: a case study of the making of Japan’s regional financial cooperation policies, 1997-2017. PhD thesis, University of Warwick.

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Abstract

The doctoral thesis adopts a historical institutionalist approach to investigate Japan’s engagement in Asian financial regionalism from 1997 to 2017. The central research question is whether Japan’s involvement in developing Asian financial regionalism is a response to structural factors of power rivalry and economic interdependence. I argue that Japan’s involvement is not a response to structural factors, because the state is not a power container. Instead, the main factor shaping how these actors engage in Asian financial regionalism is domestic institutional arrangements. In this thesis, I challenge the mainstream theoretical approaches of neo-realism and neo-liberal institutionalism in their shared perception that the state is a cohesive entity when participating in regional financial cooperation initiatives. These include: 1) the Chiang Mai Initiative; 2) the Asian Bond Markets Initiative; and 3) the Asian Bond Funds.

This central argument is formulated via addressing three research sub-questions deriving from the central research question. These research questions are ‘to what extent’, ‘why’, and ‘how’ Japan has engaged in Asian financial regionalism. I conduct these assessments by drawing upon an extensive amount of new primary data collected during my one-year fieldwork in Japan. This includes: 1) archives from the Ministry of Finance, the Bank of Japan, and four industrial associations representing manufacturing, banking, securities, and trading industries; 2) 35 personal interviews with senior officials from the Ministry and the Bank, and private sector actors from the aforementioned four industries.

Through this investigation, the doctoral thesis challenges the conventional conceptual perception that associates cohesiveness and consistency with stability and a state of inertia when it comes to Japanese regional financial policymaking. In addition, I demonstrate that Japan is not a reactive state in Asian financial regionalism. Finally, I also show the importance of domestic variables when conceptualising Asian financial regionalism.

Item Type:	Thesis (PhD)
Subjects:	H Social Sciences > H Social Sciences (General) J Political Science > J General legislative and executive papers
Library of Congress Subject Headings (LCSH):	Japan -- Economics -- History -- 20th century, Japan -- Economics -- History -- 21st century, Asia -- Economic history, Political realism, Neoliberalism
Official Date:	June 2019
Dates:	Date Event June 2019 Published
Institution:	University of Warwick
Theses Department:	Department of Politics and International Studies
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Hughes, Christopher W. ; Rethel, Lena
Sponsors:	University of Warwick. Department of Politics and International Studies; British Association for Japanese Studies
Format of File:	pdf
Extent:	xiv, 270 leaves: illustrations
Language:	eng

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