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| Author | : Ms.Runchana Pongsaparn |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2011-10-01 |
| Genre | : Business & Economics |
| ISBN | : 1463922647 |
Download Financial Integration and Rebalancing in Asia Book in PDF, ePub and Kindle
The paper shows that Asia's degree of financial integration, both with the world and within the region remains low by various measures. The paper also provides empirical evidence that greater financial integration can support economic rebalancing in statistically meaningful ways. The implication is that in the debate on managing capital inflows the longer-term benefits of financial openness for broader-based growth should not be forgotten.
| Author | : Jenny Corbett |
| Publisher | : Routledge |
| Total Pages | : 412 |
| Release | : 2014-11-13 |
| Genre | : Business & Economics |
| ISBN | : 1317596455 |
Download Rebalancing Economies in Financially Integrating East Asia Book in PDF, ePub and Kindle
Since the Asian Financial Crisis (AFC) of 1997–98 large current account surpluses have accumulated in the countries of Asia and the Pacific with corresponding deficits elsewhere. The sharp plunge in global trade volumes during the global financial crisis has highlighted the need for ‘rebalancing’–focussing more on domestic sources of economic growth than on exports in some Asian economies. One key objective of the book is to elucidate the economic structures and policies that give rise to current account surpluses and imbalances and consider what policy adjustments could change them. Another objective is to show the link between financial systems, financial integration and the transmission of economic shocks between countries. The book offers new dimensions to understand ‘rebalancing’ and provides alternative and arguably more fundamental solutions to address imbalances. Rather than focusing on exchange rate misalignment, this book begins from the premise that the imbalances are a macroeconomic problem that reflects a mismatch between savings and investment in the surplus countries. Then, it examines exchange rate policies adopted by countries in the region and finds that part of the explanation for their currency strategy lies in their perceived need to build foreign exchange reserves to provide a buffer in case of instabilities. The book examines whether there are other possibilities for countries to insure against economic volatility by more actively and openly engaging with international capital markets. The studies show that closer financial integration, involving more open financial markets, with well-chosen partners, would be welfare-improving and should reduce the need for the counter-productive, self-insurance policies that result in foreign exchange accumulation.
| Author | : Michael Devereux |
| Publisher | : Taylor & Francis |
| Total Pages | : 342 |
| Release | : 2011-05-03 |
| Genre | : Business & Economics |
| ISBN | : 1136847626 |
Download The Dynamics of Asian Financial Integration Book in PDF, ePub and Kindle
The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. 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. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.
| Author | : Shandre M. Thangavelu |
| Publisher | : Routledge |
| Total Pages | : 225 |
| Release | : 2012-10-02 |
| Genre | : Business & Economics |
| ISBN | : 1136251723 |
Download Real and Financial Integration in Asia Book in PDF, ePub and Kindle
This book investigates the impact of both real and financial integration to growth and to welfare, and to enquire whether increases in either or both forms build the linkage between the real and financial economy. It contributes to the following two areas: (1) Research of economic developments in East Asia, the most dynamic and populous region in the world, in itself is important for researchers, policy makers, journalists, business people and others. East Asia’s economic developments influence peoples’ lives not only in East Asia but also in other parts of the world. (2) Many aspects of East Asian experiences in economic development are unique, making research of East Asia attractive and important to discern mechanisms of economic development. The first part of this study begins with chapters that address the measurement of regional integration compared with the engagement with the global economy and how this influences the aggregate behavior of the economies. The second part turns to consideration of the financial sector and the efficiency and performance of banking in the region. This allows a discussion whether, in the current crisis, the banking sector was an important channel of financial shock into real behavior. The third part turns to the corporate sector. Using data on firms, type of finance used by firms, its impact on their performance, and ownership structure influence over the productivity growth are discussed. Based on the findings, the book presents several policy recommendation and future research agenda for further economic integration in East Asia.
| Author | : Nasha Ananchotikul |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2015-07-17 |
| Genre | : Business & Economics |
| ISBN | : 1513554816 |
Download Drivers of Financial Integration – Implications for Asia Book in PDF, ePub and Kindle
Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.
| Author | : Asian Development Bank |
| Publisher | : Asian Development Bank |
| Total Pages | : 120 |
| Release | : 2020-10-01 |
| Genre | : Business & Economics |
| ISBN | : 9292624199 |
Download Financial Integration and Macrofinancial Linkages in Asia Book in PDF, ePub and Kindle
The Asian financial landscape has grown more interconnected over the past 2 decades. Previous financial crises have shown how financial volatility can transmit rapidly across an interconnected financial network. Empirical analyses have shown, moreover, how financial volatility can reverberate across the macroeconomy. This report summarizes the lessons from past crises, reviews the evidence of the macrofinancial linkages and feedback effects of financial distress, and proposes policy considerations and coordinated responses to enhance financial stability and resilience.
| Author | : |
| Publisher | : |
| Total Pages | : 66 |
| Release | : 2006 |
| Genre | : Asia |
| ISBN | : |
Download Financial Integration in Asia Book in PDF, ePub and Kindle
This Working Paper brings together three papers prepared as background for discussions at the Second High-Level Conference on Asian Integration cohosted by the Monetary Authority of Singapore and the IMF on May 25, 2006. The first documents recent trends in the intraregional flow of goods and capital and explores linkages between real and financial integration. The second focuses on the institutional and regulatory reforms needed to reap the benefits-and contain the risks-of financial integration in Asia. The third considers the implications of economic integration for the choice of the exchange rate regime and the conduct of macroeconomic policies
| Author | : Yung Chul Park |
| Publisher | : OUP Oxford |
| Total Pages | : 192 |
| Release | : 2010-07-01 |
| Genre | : Business & Economics |
| ISBN | : 0191582921 |
Download Monetary and Financial Integration in East Asia Book in PDF, ePub and Kindle
This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia.
| Author | : Nasha Ananchotikul |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2015 |
| Genre | : Electronic books |
| ISBN | : 9781513516493 |
Download Drivers of Financial Integration Book in PDF, ePub and Kindle
Deeper intraregional financial integration is prominent on Asian policymakers' agenda. This paper takes stock of Asia's progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informatio.
| Author | : Gordon de Brouwer |
| Publisher | : Cambridge University Press |
| Total Pages | : 304 |
| Release | : 1999-09-27 |
| Genre | : Business & Economics |
| ISBN | : 9780521651486 |
Download Financial Integration in East Asia Book in PDF, ePub and Kindle
This book examines the theory and practice of financial integration, with an emphasis on the recent upheavals in Asian financial markets.
