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Why Has There Been Less Financial Integration In Asia Than In Europe?

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Author Info

  • Eichengreen, Barry
  • Park, Yung Chul

Abstract

This paper inquires into the causes of the contrasting experiences between Asia and Europe and asks what they bode for the future. It poses questions like: Is the contrast explicable in terms of the fact that Europe was earlier to begin the process of removing controls on cross-border portfolio capital flows? Is it explicable by the fact that Europe had better developed financial markets at the start of its regional monetary and financial integration project? Is the main difference deeper trade and factor market integration due to Europe’s Single Market project, compared to more partial and tentative moves toward regional trade integration in Asia? Or does the euro make a key difference through the elimination of exchange risk?

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File URL: http://www.escholarship.org/uc/item/6823v94w.pdf;origin=repeccitec
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Bibliographic Info

Paper provided by Institute of European Studies, UC Berkeley in its series Institute of European Studies, Working Paper Series with number qt6823v94w.

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Date of creation: 01 Jan 2003
Date of revision:
Handle: RePEc:cdl:bineur:qt6823v94w

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Web page: http://www.escholarship.org/repec/ies/

Related research

Keywords: comparative; economy; euro; finance; integration; PEIF;

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Citations

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Cited by:
  1. Ramkishen S. Rajan & Reza Y. Siregar & Tony Cavoli, 2006. "Financial Integration in East Asia: How Far? How Much Further to Go?," Working Papers id:372, eSocialSciences.
  2. Barry Eichengreen & Pipat Luengnaruemitchai, 2008. "Bond Markets as Conduits for Capital Flows: How Does Asia Compare?," NBER Chapters, in: International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (NBER-EASE Volume 17), pages 267-313 National Bureau of Economic Research, Inc.
  3. Winkler, Adalbert, 2010. "The Financial Crisis: A Wake-Up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," ADBI Working Papers 199, Asian Development Bank Institute.
  4. 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.
  5. Daniel Leigh & Abdul Abiad & Ashoka Mody, 2007. "International Finance and Income Convergence: Europe is Different," IMF Working Papers 07/64, International Monetary Fund.
  6. Lane, Philip R. & Schmukler, Sergio L., 2007. "The international financial integration of China and India," Policy Research Working Paper Series 4132, The World Bank.
  7. L. Alan Winters & Shahid Yusuf, 2007. "Dancing with the Giants: China, India, and the Global Economy," World Bank Publications, The World Bank, number 6632, September.
  8. Aerdt Houben & Iskander Schrijvers & Tim Willems, 2008. "The Supervision of Banks in Europe: The Case for a Tailor-made Set-up," DNB Occasional Studies 604, Netherlands Central Bank, Research Department.

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