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Chapter 1 examines the rising financial integration in ASEAN and the associated risks, using data from sources such as the BIS, Orbis Bank Focus, and commercial banks’ websites. It highlights how shared exposure to common foreign lenders and the systemic importance of Singapore and Malaysia could amplify financial shocks across the sub-region. The chapter discusses the financial trilemma, drawing on Schoenmaker’s model-based solutions which emphasise legal integration over voluntary measures. In addition, it considers the role of soft laws in fostering cooperation and creating reputational incentives among national authorities. The chapter also analyses how different actors relevant to the financial trilemma employ the rule of law, noting its multiple interpretations and the unique characteristics of ASEAN.

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Financial Trilemma and the Role of Law—The Case of ASEAN Financial Integration

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  • 发表日期：

    2025年

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  • Wassamon Kun-amornpong

摘要

Chapter 1 examines the rising financial integration in ASEAN and the associated risks, using data from sources such as the BIS, Orbis Bank Focus, and commercial banks’ websites. It highlights how shared exposure to common foreign lenders and the systemic importance of Singapore and Malaysia could amplify financial shocks across the sub-region. The chapter discusses the financial trilemma, drawing on Schoenmaker’s model-based solutions which emphasise legal integration over voluntary measures. In addition, it considers the role of soft laws in fostering cooperation and creating reputational incentives among national authorities. The chapter also analyses how different actors relevant to the financial trilemma employ the rule of law, noting its multiple interpretations and the unique characteristics of ASEAN.