The Dynamics Of Asian Financial Integration

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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 : 46,9 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.

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 : 226 pages
File Size : 49,7 Mb
Release : 2012-10-02
Category : Business & Economics
ISBN : 9781136251719

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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.

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 : 215 pages
File Size : 46,5 Mb
Release : 2020-10-25
Category : Business & Economics
ISBN : 9781000202656

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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.

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 : 55,7 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.

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 : 54,6 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

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 : 47,7 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.

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 : 48,6 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.

Asian Monetary Integration

Woosik Moon,Yeongseop Rhee
Asian Monetary Integration Book PDF

Author : Woosik Moon,Yeongseop Rhee
Publisher : Edward Elgar Publishing
Page : 241 pages
File Size : 55,8 Mb
Release : 2012
Category : Business & Economics
ISBN : 9781781009154

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Asian Monetary Integration by Woosik Moon,Yeongseop Rhee Pdf

Numerous ideas for monetary and financial cooperation in East Asia have been proposed both within and outside the region since the financial crisis in Asia. Despite this strong level of interest, however, there are few studies that aim to comprehensively address the issue from multiple perspectives. This insightful book redresses the balance and illustrates how East Asian countries plan to take advantage of their rising economic power in rearranging the new international monetary and financial order in the post-crisis era. The expert contributors examine the history, conditions and current efforts towards monetary integration in Asia and explore possible future paths, highlighting the roles and perspectives of East Asian countries in the integration process. They consider how East Asian economies could establish their own zone of monetary stability, and show that monetary stability cannot be separately addressed from the issues of economic growth and solidarity. Without economic growth and solidarity, there would be no purpose in pursuing monetary integration, therefore all three challenges must be simultaneously addressed. Against this backdrop, the book tackles the issues of East Asian monetary integration underpinned by the broad framework of economic growth and solidarity. Scholars of economics, monetary integration, Asian studies and regionalism will find this book to be an illuminating and thought-provoking read.

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 : 52,8 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.

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 : 55,5 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.

Financial Integration in Asia

Anonim
Financial Integration in Asia Book PDF

Author : Anonim
Publisher : Unknown
Page : 66 pages
File Size : 44,6 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

Integration in Asia and Europe

Paul J.J. Welfens
Integration in Asia and Europe Book PDF

Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 304 pages
File Size : 44,8 Mb
Release : 2006
Category : Business & Economics
ISBN : 3540287299

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Integration in Asia and Europe by Paul J.J. Welfens Pdf

Broadening and deepening of economic and political integration are hallmarks of the EU and ASEAN. Analysing the economic and institutional changes in both Europe and Asia, this book emphasizes on banking, financial market dynamics, ICT, and macroeconomic policies. The legal aspects are combined with historical and economic perspectives

Asian Financial Integration

Yiping Huang,Shiro Armstrong
Asian Financial Integration Book PDF

Author : Yiping Huang,Shiro Armstrong
Publisher : Routledge
Page : 218 pages
File Size : 45,9 Mb
Release : 2014-03-05
Category : Business & Economics
ISBN : 9781317750536

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Asian Financial Integration by Yiping Huang,Shiro Armstrong Pdf

In the wake of the global financial crisis, Asia is leading the global recovery with strong economic growth. However, this book argues that, in the coming years, the region will need to play a much more active role in shaping the future global financial system and, in turn, suggests policy strategies for doing so. Asian Financial Integration explores the lessons we can learn from Asia’s experience during the global financial crisis in terms of the future direction of the region’s economic policy and the challenges posed by the opening and deepening of its financial markets. The contributors deal with a number of crucial questions, including what Asia should learn from the crisis, especially with regards to financial innovation and regulation; whether global imbalances are a result of policy distortions or a natural outcome of global division of labour; what are the lessons and implications from the financial market reform and liberalization experiences of some of the region’s major economies; and what should Asia do to promote regional financial integration, particularly with regards to currency integration. This book will be welcomed by students and scholars interested in Asian economics and international economics, as well as by policy-makers working in the field.

Monetary and Financial Cooperation in East Asia

Masahiro Kawai,Yung Chul Park,Charles Wyplosz
Monetary and Financial Cooperation in East Asia Book PDF

Author : Masahiro Kawai,Yung Chul Park,Charles Wyplosz
Publisher : OUP Oxford
Page : 240 pages
File Size : 53,6 Mb
Release : 2015-04-02
Category : Business & Economics
ISBN : 9780191023583

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Monetary and Financial Cooperation in East Asia by Masahiro Kawai,Yung Chul Park,Charles Wyplosz Pdf

The global financial crisis and the Eurozone crisis have led to a profound rethink in East Asia about the international monetary system and regional monetary and financial integration. After the East Asian crisis of 1997, deeper regional cooperation was seen as the way to avoid reliance on the IMF and the rest of the world. Steps were taken, but they were limited because of disagreements reflecting regional rivalries. Still, integration into the global financial system and Europe's regional process were seen as objectives to be adapted to East Asia, as detailed in an overview chapter. The crises have shaken this strategy but also revealed the pre-existing deep disagreements. This book presents contributions by scholars from different countries. Each one was invited to describe the vision of their policymakers. The traidtional rivalry between China and Japan, the region's largest economies, reveals Chinese confidence into its rising power and Japanese growing doubts about its ability to weigh on the debate. For opposite reasons, both display a declining interest into regional cooperation. Korea and the ASEAN countries do not wish to choose between the regional powers but remain attached to regional cooperation and integration. They look for pragmatic solutions that recognize the value-chain characteristic of trade. Additional contributions by US and European scholars provide evaluations of the global and Eurozone crises and of their relevance for East Asian integration.

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 : 48,6 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.