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    Impact of the Global Financial Crisis on the Degree of Financial Integration among East Asian Countries

    Park, Donghyun | December 2013
    Abstract
    This paper aims to gauge the impact of the global financial crisis on bilateral holdings of financial assets among East Asian countries. For this purpose, this paper uses the International Monetary Fund's Coordinated Portfolio Investment Survey (CPIS) data. We first present information about financial linkages between the CPIS-participating eight East Asian economies and other East Asian economies before and after the global financial crisis of 2008. We then apply the gravity model to assess the determinants of the cross-border holdings of foreign securities for four major East Asian financial investors – Hong Kong, Japan, Korea and Singapore. We find only few changes in the bilateral holdings of financial assets among East Asian countries in the post-crisis period. In particular, our evidence does not indicate that intra-Asian financial integration has increased noticeably since the global crisis.
    Citation
    Park, Donghyun. 2013. Impact of the Global Financial Crisis on the Degree of Financial Integration among East Asian Countries. © Taylor and Francis. http://hdl.handle.net/11540/4256.
    Keywords
    Asian Development Bank
    Development
    Regional Economic Integration
    Financial Sector Policies
    Financial Risk Management
    Bond Financing
    Economic integration
    Development Bank
    Capital Market
    Regional Plans
    Regional Development Bank
    Development finance
    Development Banks
    Local government bonds
    Bonds
    Catastrophe bonds
    Bond funds
    Bond market
    Multilateral development banks
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    Citable URI
    http://hdl.handle.net/11540/4256
    Metadata
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    Author
    Park, Donghyun
    Theme
    Finance
    Regional

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise