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    Financial Integration in Emerging Asia: Challenges and Prospects

    Park, Cyn-Young; Lee, Jong-Wha | May 2011
    Abstract
    Using both quantity- and price-based measures of financial integration, this paper shows an increasing degree of financial openness and integration in emerging Asian markets. This paper also assesses the impact of a regional shock relative to a global shock on local equity and bond markets. The findings of this paper suggest that the region’s equity markets are integrated more globally than regionally, although the degrees of both regional and global integration have increased significantly since the 1997/98 Asian financial crisis. However, emerging Asia’s local currency bond markets remain generally segmented, being neither regionally nor globally integrated. A case can be made for the benefits of increased regional integration of financial markets. Financial integration at the regional level allows for the region’s economies to benefit from allocation efficiency and risk diversification. The findings of this paper suggest that policymakers in the region must strike the right balance between maximizing the net benefits from regional and global financial openness, and minimizing the potential costs of financial contagion and crisis.
    Citation
    Park, Cyn-Young; Lee, Jong-Wha. 2011. Financial Integration in Emerging Asia: Challenges and Prospects. © Asian Development Bank. http://hdl.handle.net/11540/2031. License: CC BY 3.0 IGO.
    Keywords
    Trade Finance
    Rural Finance
    Regional Development Finance
    Public Financial Management
    Public Finance
    International Finance
    Intergovernmental Finance
    Financial System
    Financial Flows
    Financial Assets
    Finance And Trade
    Trade Finance
    Local Finance
    International Monetary Relations
    Local Finance
    Banks
    Capital Market
    financial statistics
    Foreign trade
    Municipal government
    Metropolitan government
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Stock exchanges
    Market
    Exchange
    Balance of trade
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    Citable URI
    http://hdl.handle.net/11540/2031
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    Author
    Park, Cyn-Young
    Lee, Jong-Wha
    Theme
    Finance
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise