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    Financial Integration in Emerging Asia: Challenges and Prospects

    Park, Cyn-Young | December 2011
    Abstract
    Using both quantity- and price-based measures of financial integration, the paper shows an increasing degree of financial openness and integration in emerging Asia. Assessing the impact of a regional shock relative to a global shock on local equity and bond markets, the findings 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 1997/1998 Asian financial crisis. However, emerging Asia's local currency bond markets remain generally segmented, being neither regionally nor globally integrated. There are potential benefits from 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. 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. 2011. Financial Integration in Emerging Asia: Challenges and Prospects. © Wiley. http://hdl.handle.net/11540/4267.
    Keywords
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Erosion
    Market Development
    Economics
    Erosion
    International Economics
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
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    Citable URI
    http://hdl.handle.net/11540/4267
    Metadata
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    Author
    Park, Cyn-Young
    Theme
    Finance
    Economics
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise