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The Dynamics of Asian Financial Integration: Facts and Analytics

dc.contributor.editorMichael B. Devereux
dc.contributor.editorPhilip R. Lane
dc.contributor.editorCyn-Young Park
dc.contributor.editorShang-Jin Wei
dc.description.abstractThe book attempts to achieve two goals by assessing the degree of regional and global financial integration and unveiling the drivers of such integration. First, it lays out analytical frameworks that are foundations for measuring the degree of integration in the financial asset market and direct investment flows, business cycle synchronization and financial contagion, and consumption and output risk-sharing. Second, by applying the rigorous frameworks, the book provides an up-to-date assessment of the extent of regional and global financial integration in Asia, documenting the complexity in the different patterns of the integration and quantifying their consequences. Its 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. The global financial crisis presents a timely opportunity for Asian policy makers to rethink their strategies for financial deregulation and liberalization, and carefully reconsider a next step for further integration among regional financial markets and beyond. An ultimate question is whether and to what extent financial integration is beneficial for economic growth. By assessing the progress of regional financial integration in East Asia in relation to the trend of financial globalization, this book will help address some of these challenges facing the region's policy makers.
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.titleThe Dynamics of Asian Financial Integration: Facts and Analytics
dc.subject.expertFinancial Stability
dc.subject.expertFinancial Management System
dc.subject.expertFinancial Restructuring
dc.subject.expertCapital Market Development
dc.subject.expertMarket Development
dc.subject.expertInternational Economics
dc.subject.adbInternational Financial Market
dc.subject.adbMultilateral Financial Institutions
dc.subject.adbEconomic Recession
dc.subject.naturalBusiness recessions
dc.subject.naturalMultilateral development banks
dc.subject.naturalRegulatory reform
dc.title.seriesRoutledge studies in the modern world economy
dc.contributor.imprintAsian Development Bank
oar.authorDevereux, Michael B.
oar.authorLane, Philip R.
oar.authorPark, Cyn-Young
oar.authorWei, Shang-Jin

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  • ADB Books
    Books published by the Asian Development Bank (ADB) are based on research that is complete in itself, stretches frontiers, and brings together useful development knowledge. They may include analytical ADB products that are scholarly references or literary publications on a specific subject.

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