Real And Financial Integration In Asia

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Real and Financial Integration in Asia

Shandre M. Thangavelu,Aekapol Chongvilaivan
Real and Financial Integration in Asia Book PDF

Author : Shandre M. Thangavelu,Aekapol Chongvilaivan
Publisher : Routledge
Page : 225 pages
File Size : 47,5 Mb
Release : 2012-10-02
Category : Business & Economics
ISBN : 9781136251726

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Real and Financial Integration in Asia by Shandre M. Thangavelu,Aekapol Chongvilaivan Pdf

This book investigates the impact of both real and financial integration to growth and to welfare, and to enquire whether increases in either or both forms build the linkage between the real and financial economy. It contributes to the following two areas: (1) Research of economic developments in East Asia, the most dynamic and populous region in the world, in itself is important for researchers, policy makers, journalists, business people and others. East Asia’s economic developments influence peoples’ lives not only in East Asia but also in other parts of the world. (2) Many aspects of East Asian experiences in economic development are unique, making research of East Asia attractive and important to discern mechanisms of economic development. The first part of this study begins with chapters that address the measurement of regional integration compared with the engagement with the global economy and how this influences the aggregate behavior of the economies. The second part turns to consideration of the financial sector and the efficiency and performance of banking in the region. This allows a discussion whether, in the current crisis, the banking sector was an important channel of financial shock into real behavior. The third part turns to the corporate sector. Using data on firms, type of finance used by firms, its impact on their performance, and ownership structure influence over the productivity growth are discussed. Based on the findings, the book presents several policy recommendation and future research agenda for further economic integration in East Asia.

The Dynamics of Asian Financial Integration

Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei
The Dynamics of Asian Financial Integration Book PDF

Author : Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei
Publisher : Taylor & Francis
Page : 342 pages
File Size : 47,6 Mb
Release : 2011-05-03
Category : Business & Economics
ISBN : 9781136847622

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The Dynamics of Asian Financial Integration by Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei Pdf

The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.

Financial Integration in Asia

Anonim
Financial Integration in Asia Book PDF

Author : Anonim
Publisher : Unknown
Page : 66 pages
File Size : 46,9 Mb
Release : 2006
Category : Asia
ISBN : UCSD:31822035390574

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Financial Integration in Asia by Anonim Pdf

This Working Paper brings together three papers prepared as background for discussions at the Second High-Level Conference on Asian Integration cohosted by the Monetary Authority of Singapore and the IMF on May 25, 2006. The first documents recent trends in the intraregional flow of goods and capital and explores linkages between real and financial integration. The second focuses on the institutional and regulatory reforms needed to reap the benefits-and contain the risks-of financial integration in Asia. The third considers the implications of economic integration for the choice of the exchange rate regime and the conduct of macroeconomic policies

Monetary and Financial Integration in East Asia

Yung Chul Park,Charles Wyplosz
Monetary and Financial Integration in East Asia Book PDF

Author : Yung Chul Park,Charles Wyplosz
Publisher : Oxford University Press
Page : 190 pages
File Size : 44,6 Mb
Release : 2010-07
Category : Business & Economics
ISBN : 9780199587124

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Monetary and Financial Integration in East Asia by Yung Chul Park,Charles Wyplosz Pdf

The book analyses the Asian experience from both Asian and European perspectives.

Financial Integration in Asia: Recent Developments and Next Steps

David Cowen,Hemant Shah,Ranil Salgado,Leslie Teo,Alessandro Zanello
Financial Integration in Asia Recent Developments and Next Steps Book PDF

Author : David Cowen,Hemant Shah,Ranil Salgado,Leslie Teo,Alessandro Zanello
Publisher : INTERNATIONAL MONETARY FUND
Page : 61 pages
File Size : 52,5 Mb
Release : 2006-08-01
Category : Electronic
ISBN : 1451864566

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Financial Integration in Asia: Recent Developments and Next Steps by David Cowen,Hemant Shah,Ranil Salgado,Leslie Teo,Alessandro Zanello Pdf

This Working Paper brings together three papers prepared as background for discussions at the Second High-Level Conference on Asian Integration cohosted by the Monetary Authority of Singapore and the IMF on May 25, 2006. The first documents recent trends in the intraregional flow of goods and capital and explores linkages between real and financial integration. The second focuses on the institutional and regulatory reforms needed to reap the benefits-and contain the risks-of financial integration in Asia. The third considers the implications of economic integration for the choice of the exchange rate regime and the conduct of macroeconomic policies.

Economic and Financial Integration in South Asia

Sanjay Sehgal,Wasim Ahmad,Piyush Pandey,Sakshi Saini
Economic and Financial Integration in South Asia Book PDF

Author : Sanjay Sehgal,Wasim Ahmad,Piyush Pandey,Sakshi Saini
Publisher : Taylor & Francis
Page : 199 pages
File Size : 54,7 Mb
Release : 2020-10-25
Category : Business & Economics
ISBN : 9781000202793

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Economic and Financial Integration in South Asia by Sanjay Sehgal,Wasim Ahmad,Piyush Pandey,Sakshi Saini Pdf

This book analyses the current state and potential of economic and financial integration in South Asia, which has emerged as one of the most dynamic regions of the world. It looks at how regional convergences and cooperation would reinforce ties amongst the diverse economies of South Asia in the changing global economic landscape. Drawing on empirical research, the book looks at the degree of economic and financial integration in South Asia, which according to the World Bank includes the least integrated regions in the world, and explores the fundamental factors that drive integration amongst these countries. It offers important insights into the financial landscape of the region, as well as the dynamics of the interlinkages in the banking system, the stock markets, and the debt markets. The book examines the role of bilateral trade in augmenting regional economic ties, the opportunities for growth these will foster, and the major challenges and roadblocks for the leaders of the region. It also provides an overview of China’s role in South Asia’s financial integration and the interdependence of these economies for economic opportunities, macroeconomic and financial stability, jobs, sustainable growth, and inclusive development. Detailed and insightful, this book will be of great interest to investors and regional policymakers. It will also be of interest to researchers and students of economics, public and foreign policy, finance, international relations, and South Asia studies.

Financial Integration in East Asia

Gordon de Brouwer
Financial Integration in East Asia Book PDF

Author : Gordon de Brouwer
Publisher : Cambridge University Press
Page : 304 pages
File Size : 51,9 Mb
Release : 1999-09-27
Category : Business & Economics
ISBN : 0521651484

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Financial Integration in East Asia by Gordon de Brouwer Pdf

This book examines the theory and practice of financial integration, with an emphasis on the recent upheavals in Asian financial markets.

Costs and Benefits of Economic Integration in Asia

Robert J. Barro,Jong-Wha Lee
Costs and Benefits of Economic Integration in Asia Book PDF

Author : Robert J. Barro,Jong-Wha Lee
Publisher : Oxford University Press
Page : 304 pages
File Size : 52,5 Mb
Release : 2011-01-04
Category : Business & Economics
ISBN : 9780199780778

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Costs and Benefits of Economic Integration in Asia by Robert J. Barro,Jong-Wha Lee Pdf

Costs and Benefits of Economic Integration in Asia brings together authoritative essays that identify and examine various initiatives to promote economic integration in Asia.

Drivers of Financial Integration – Implications for Asia

Nasha Ananchotikul,Shi Piao,Ms.Edda Zoli
Drivers of Financial Integration Implications for Asia Book PDF

Author : Nasha Ananchotikul,Shi Piao,Ms.Edda Zoli
Publisher : International Monetary Fund
Page : 41 pages
File Size : 42,9 Mb
Release : 2015-07-17
Category : Business & Economics
ISBN : 9781513554815

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Drivers of Financial Integration – Implications for Asia by Nasha Ananchotikul,Shi Piao,Ms.Edda Zoli Pdf

Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.

Asian Financial Integration

Mr.Eduardo Borensztein,Mr.Prakash Loungani
Asian Financial Integration Book PDF

Author : Mr.Eduardo Borensztein,Mr.Prakash Loungani
Publisher : International Monetary Fund
Page : 43 pages
File Size : 48,5 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781455211821

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Asian Financial Integration by Mr.Eduardo Borensztein,Mr.Prakash Loungani Pdf

The paper compares trends in financial integration within Asia with those in industrialized countries and other regional groups. Declines in cross-country dispersion in equity returns and interest rates suggest increased Asian integration, with the process interrupted by crises and global volatility. Cross-border equity and bond holdings have also increased, but Asian countries remain considerably more financially integrated with major countries outside the region than with those within the region. The paper also discusses whether potential benefits of regional financial integration, such as increased risk-sharing and stability of the investor base, have materialized.

The Economic Integration of Greater China

Yin-Wong Cheung,Menzie D. Chinn,Eiji Fujii
The Economic Integration of Greater China Book PDF

Author : Yin-Wong Cheung,Menzie D. Chinn,Eiji Fujii
Publisher : Hong Kong University Press
Page : 184 pages
File Size : 46,6 Mb
Release : 2007-04-01
Category : Business & Economics
ISBN : 9622098223

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The Economic Integration of Greater China by Yin-Wong Cheung,Menzie D. Chinn,Eiji Fujii Pdf

The tremendous success of China's program of economic reform and the rapid integration of China into the global economy have prompted this study on the economic and financial integration between mainland China, Hong Kong, and Taiwan – a grouping sometimes referred to as Greater China. While there has been a plethora of analyses of China's economic interactions with other economies, this book fills the need for a thorough investigation of regional financial and real interactions – corresponding to the many exhaustive studies of such interactions between developed countries and between East Asian countries. Since real and financial integration has substantial implications for the efficiency of resource allocation and the efficacy of macroeconomics policy, Cheung, Chinn and Fujii offer clear analysis of the current state of economic integration of Greater China, thereby helping to gauge the potential role of China in the global economy. Prospects of a currency union in Greater China, an extreme form of integration, are also evaluated with respect to benefits and costs to the three parties. In addition, the authors provide complementary discussions regarding the degree of integration between China and several Pacific Rim economies, including those of Japan, Korea, Singapore, and the United States. Cheung, Chinn and Fujii provide an up-to-date assessment of mainland China's economic development and its integration with its neighboring economies, especially Hong Kong and Taiwan. This grouping is also known as Greater China. There are a number of approaches to assessing economic integration, and the authors present some standard measures – including trade flows, output movements, saving and investment correlations, and consumption comovements. They emphasize the measures based on some key parity conditions in international finance – real interest parity, uncovered interest parity, and relative purchasing power parity. While there is no perfect empirical measure of economic integration, the theoretical relationships between integration and these three parity conditions are well founded in economics. Moreover, the three parity conditions constitute a unified framework that can be used to assess the degree of real and financial integration, and thus offer a convenient way to investigate the interaction between these two types of integration. In addition, the authors evaluate the prospect of a currency union in Greater China, the most extreme form of integration. Prospects of China's continued integration with the world economy, and the implications of policies in Beijing and other Pacific Rim capitals are also discussed.

ASEAN Financial Integration

Geert Almekinders,Mr.Alex Mourmouras,Ms.Jianping Zhou,Satoshi Fukuda,Yong Sarah Zhou
ASEAN Financial Integration Book PDF

Author : Geert Almekinders,Mr.Alex Mourmouras,Ms.Jianping Zhou,Satoshi Fukuda,Yong Sarah Zhou
Publisher : International Monetary Fund
Page : 43 pages
File Size : 51,7 Mb
Release : 2015-02-23
Category : Business & Economics
ISBN : 9781484386491

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ASEAN Financial Integration by Geert Almekinders,Mr.Alex Mourmouras,Ms.Jianping Zhou,Satoshi Fukuda,Yong Sarah Zhou Pdf

The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it will likely be a safe, gradual process consistent with the “ASEAN way” of consensus decision-making. Properly phased and sequenced, closer financial integration has the potential to help increase real incomes and accelerate real convergence within ASEAN and narrow the region’s gap with advanced Asia. Realizing the promise of financial integration will require ASEAN countries to make long-term investments in financial infrastructure. Policymakers can draw on the experience of their more advanced peers and of other regions. Gradualism and safeguards should not be excuses for inaction or financial protectionism. Reliance on flexible policy frameworks and a strengthened and tested regional financial safety net should be part of the agenda. Closer engagement with the Fund could also help.

Towards Monetary and Financial Integration in East Asia

Koichi Hamada,Beate Reszat,Ulrich Volz
Towards Monetary and Financial Integration in East Asia Book PDF

Author : Koichi Hamada,Beate Reszat,Ulrich Volz
Publisher : Edward Elgar Publishing
Page : 423 pages
File Size : 48,9 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9781848447349

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Towards Monetary and Financial Integration in East Asia by Koichi Hamada,Beate Reszat,Ulrich Volz Pdf

Towards Monetary and Financial Integration in East Asia is an important book. East Asia, led by China, has been and will continue to be the largest, most rapidly growing region in the world. Major global imbalances persist, with East Asia in large surplus. Yet East Asian financial and monetary integration is only in the early stages of what will necessarily be a long-run process. These 14 essays by different authors address, in six Parts, fundamental long-run issues and prospects. These include the development of a regional financial architecture, liquidity provision and crisis management, surveillance mechanisms, exchange rate arrangements, currency baskets, an Asian Currency Unit, and ultimately even a single currency. The implications of the rise of China and the role of Japan underlie much of these analyses. However imperfect, the EU is the dominant relevant experience for East Asian financial and monetary integration. It is important to understand, as the authors do, that it took 47 years from the EU s nascent founding to the establishment of the euro, and that economic integration has preceded political integration. This book importantly addresses such basic issues in this time frame and with an appreciation of the political economy difficulties of financial integration. Hugh Patrick, Columbia University, US The book edited by Professors Hamada, Reszat, and Volz gives a comprehensive overview of the current status and challenges of economic integration in East Asia. Monetary and financial integration in East Asia has proceeded gradually but steadily since the Asian financial crisis of 1997 98. The book is an authoritative cutting-edge collection of papers in respective topics which brings the reader to the frontier of the literature. Takatoshi Ito, University of Tokyo, Japan This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world s most dynamic region. With contributions from distinguished experts this timely book evaluates the economic and politico-economic arguments and conditions for monetary and financial integration in East Asia. It explores how and to what extent the countries of the region can integrate despite their heterogeneity and their underlying political tensions. Drawing on the European experiences, this book analyzes the economic logic of monetary and financial integration in East Asia and its political feasibility. This invaluable broad analysis will be of interest to academic researchers, students, policy-makers and professional economists working on matters of international economic cooperation, common currency areas, international open economy macroeconomics, and East Asian integration.

East Asian Economic Integration

Ross P. Buckley,Richard Weixing Hu,Douglas W. Arner
East Asian Economic Integration Book PDF

Author : Ross P. Buckley,Richard Weixing Hu,Douglas W. Arner
Publisher : Edward Elgar Publishing
Page : 349 pages
File Size : 55,7 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781849808699

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East Asian Economic Integration by Ross P. Buckley,Richard Weixing Hu,Douglas W. Arner Pdf

'This book offers a fascinating exploration of the contradictions of East Asian economic integration: a topic of enormous contemporary significance to observers of world political and economic affairs. The collection provides an unusually rigorous and systematic treatment of this important topic, drawing on contributions from an impressive array of experts. It will provide a valuable resource for students, scholars and other observers seeking deeper understanding of the contemporary dynamics and challenges of East Asian integration.' - Kate MacDonald, University of Melbourne, Australia 'East Asia is a crucial part of the global economy. This book analyses three key elements of East Asian economic integration: trade, investment and international finance. The authors are leading experts in their fields. Their book represents an important addition to the literature on a subject of fundamental importance both regionally and globally.' - Bradly J. Condon, ITAM, Mexico City This book analyses recent developments and likely future paths for trade and financial integration in East Asia. It suggests a more coherent, balanced way forward for regional economic integration and analyses implications for institution building in East Asia. East Asia has achieved a high degree of intra-regional trade, investment and GDP correlation, through an expanding web of free trade agreements and production networks. However, financially, most regional economies are linked more closely to North America and Europe than to each other. As trade integration has accelerated, financial and monetary integration has not kept pace. East Asian Economic Integration analyses potential reasons and remedies for this phenomenon through a multidisciplinary framework of law, politics and economics. This comprehensive book will appeal to researchers and students in political science, international relations, trade law, international finance law, and regional studies generally. It will also be of great interest to regional

International Economic Integration and Asia

Michael G. Plummer,Erik Jones
International Economic Integration and Asia Book PDF

Author : Michael G. Plummer,Erik Jones
Publisher : World Scientific
Page : 387 pages
File Size : 45,8 Mb
Release : 2006
Category : Business & Economics
ISBN : 9789812773777

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International Economic Integration and Asia by Michael G. Plummer,Erik Jones Pdf

Regional economic integration has become a key force in international commercial policy in the 2000s. Europe has traditionally embraced regionalism; the United States became actively involved in preferential trading arrangements only in the 1980s. While Asia has been late in accepting formal regional economic integration accords, all Asian countries are now in the process of creating various free-trade areas and other forms of economic integration programs, and some are already in place. This volume analyzes the regionalism trend from an Asian perspective. It considers the lessons from, and the economic implications of, various economic integration programs in the OECD (mostly the EU but also NAFTA), as well as the proposals for closer economic integration in the region itself. Chapters deal with both real and financial integration issues. Sample Chapter(s). Chapter 1: East Asian Economic Regionalism: Progress and Challenges (1,660 KB). Contents: Introduction (M G Plummer & E Jones); East Asian Economic Regionalism: Progress and Challenges (M Kawai); Sequencing Regional Integration in Asia (R Pomfret); ASEAN+3: Is an Economic Community in Their Future? (J Angresano); Stock Market Performance in ASEAN: Is Institutional Integration Warranted? (R W Click & M G Plummer); The Institution of a Single Currency Area: Lessons for Asia from the European Monetary Union (S Rossi); Deep Integration and Its Impacts on Non-Members: EU Enlargement and East Asia (H Lee & D van der Mensbrugghe); Small Change: A Critical Examination of the Economic Relationship Between South Asia and the European Union (J W Moses and Maggi Brigham); The Effects of North-South Regional Trade Policies: A Comparison of Mediterranean Countries with ASEAN (N P(r)ridy); Reconciling the Tensions Between Regional Integration and Cohesion (M Farrell); Lessons for Asia? Legitimacy and Quasi-Democratic Mechanisms in European and American Market Integration (C Parsons & J D Richardson). Readership: Academics, policymakers, professionals and students interested in applied international economics and Asian economic integration.