Show simple item record

Real and Financial Integration in East Asia

dc.contributor.authorSoyoung Kim
dc.contributor.authorJong-Wha Lee
dc.date.accessioned2015-01-30T14:44:19Z
dc.date.available2015-01-30T14:44:19Z
dc.date.issued2008-06-01
dc.identifier.urihttp://hdl.handle.net/11540/1771
dc.description.abstractWe examine the real and financial integration of East Asian economies, comparing the degree of real versus financial integration, the degree of global versus regional integration, and the extent of integration before versus after the 1997/98 financial crisis in East Asian economies. We analyze price and quantity measures of integration such as the size of intra-and interregional trade, cross-border financial assets, correlation of stock returns, and interest rate differentials. In addition, we adopt a panel VAR approach of investigating cross-country output inter-dependence and consumption relation in order to infer the macroeconomic consequences of real and financial integration on East Asian economies. The empirical investigations suggest that (i) using the quantity measure there is a significant increase in real integration within East Asia; (ii) real-side integration based on output linkage increased substantially after the Asian crisis, both regionally and globally; (iii) although quantity and price measures showed some degree of increased financial integration after the crisis, the cross-country consumption relation did not change much; (iv) the degree of regional financial integration within Asia is far smaller than the degree of global financial integration, based on the consumption-based measure; and (v) financial integration lags real integration, especially for regional integration within Asia.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleReal and Financial Integration in East Asia
dc.typeWorking Papers
dc.subject.expertMacroeconomic
dc.subject.expertMacroeconomic Analysis
dc.subject.expertMacroeconomic Framework
dc.subject.expertMacroeconomic Models
dc.subject.expertMacroeconomic Performance
dc.subject.expertMacroeconomic Planning
dc.subject.expertMacroeconomic Policies
dc.subject.expertMacroeconomic Reform
dc.subject.expertMacroeconomic Stabilization
dc.subject.adbSocial condition
dc.subject.adbEconomic dependence
dc.subject.adbEconomic assistance
dc.subject.adbInternational monetary relations
dc.subject.adbInternational monetary relations
dc.subject.adbInternational trade
dc.subject.adbNational accounting
dc.subject.adbMarket
dc.subject.naturalExchange
dc.subject.naturalComparative economics
dc.subject.naturalIndex number
dc.subject.naturalMonetary policy
dc.subject.naturalValue analysis
dc.subject.naturalAdjustment cost
dc.subject.naturalTransaction cost
dc.subject.naturalConditionality
dc.subject.naturalInternational relations
dc.title.seriesRegional Economic Integration Working Papers
dc.title.volumeno 17
dc.contributor.imprintAsian Development Bank
oar.themeEconomics
oar.adminregionEast Asia Region
oar.countryChina, People's Republic of
oar.countryHong Kong, China
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-001922
oar.authorKim, Soyoung
oar.authorLee, Jong-Wha
oar.importtrue
oar.googlescholar.linkpresenttrue


Files in this item

Thumbnail

This item appears in the following Collection(s)

  • Regional Economic Integration Working Paper Series
    The Asian Development Bank Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments.

Show simple item record

Users also downloaded