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Financial Market Integration in East Asia: Regional or Global?

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Author Info
Jongkyou Jeon (Kyung Hee International College, Kyung Hee University 1, Seocheon-dong, Giheung-gu, Yongin-si, Gyeonggi-do, 446-701 Korea.)
Yonghyup Oh (Korea Institute for International, Economic Policy, 300-4, Yomgok-dong, Seocho-gu, Seoul, 137-747, Korea.)
Doo Yong Yang (Korea Institute for International, Economic Policy, 300-4, Yomgok-dong, Seocho-gu, Seoul, 137-747 Korea.)

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Abstract

This paper investigates whether financial markets in East Asia are integrated with global markets or with each other.We use two approaches: a volume-based approach and an asset price approach. Our overall results suggest global integration of these markets rather than regional integration and that there is no anchor market in the region that would match the advanced markets such as the United States. Though global integration is not a force that competes with regional integration, there seems to be no strong sign of the creation of an effective financial market mechanism in East Asia. (c) 2006 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

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Publisher Info
Article provided by MIT Press in its journal Asian Economic Papers.

Volume (Year): 5 (2006)
Issue (Month): 1 (January)
Pages: 73-89
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Handle: RePEc:tpr:asiaec:v:5:y:2006:i:1:p:73-89

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  1. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany. [Downloadable!]
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  2. Bank for International Settlements, 2008. "Assessing the integration of Asia's equity and bond markets," BIS Papers chapters, in: Bank for International Settlements (ed.), Regional financial integration in Asia: present and future, volume 42, pages 1-37 Bank for International Settlements. [Downloadable!]
  3. George Furstenberg, 2008. "Assessing the Competitiveness of International Financial Services in Particular Locations: A Survey of Methods and Perspectives," Open Economies Review, Springer, vol. 19(4), pages 539-556, September. [Downloadable!] (restricted)
  4. George M. von Furstenberg, 2007. "Aspects, Models and Measures for Assessing the Competitiveness of International Financial Services in a Particular Location," Working Papers 182007, Hong Kong Institute for Monetary Research. [Downloadable!]
  5. Hiroshi Fujiki & nd Akiko Terada-Hagiwara, 2007. "Financial Integration in East Asia," IMES Discussion Paper Series 07-E-12, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
    Other versions:
  6. Shin, Kwanho & Yang, Doo Yong, 2006. "Complementarity between Bilateral Trade and Financial Integration," MPRA Paper 694, University Library of Munich, Germany. [Downloadable!]
  7. George von Furstenberg, 2007. "Assessing the Competitiveness of International Financial Services in Particular Locations: A Survey of Methods and Perspectives," Caepr Working Papers 2007-024, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington. [Downloadable!]
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