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

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  • 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?

Suggested Citation

  • Eichengreen, Barry & Park, Yung Chul, 2003. "Why Has There Been Less Financial Integration In Asia Than In Europe?," Department of Economics, Working Paper Series qt6823v94w, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    • Handle: RePEc:cdl:econwp:qt6823v94w
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    Citations

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    Cited by:

    1. Gochoco-Bautista, Maria Socorro & Remolona, Eli M., 2012. "Going Regional: How to Deepen ASEAN's Financial Markets," ADB Economics Working Paper Series 300, Asian Development Bank.
    2. repec:cuf:journl:y:2014:v:15:i:2:abiad:leigh:mody is not listed on IDEAS
    3. Adalbert Winkler, 2012. "The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Chapters, in: Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 7, Edward Elgar Publishing.
    4. Priscilla Swartz, 2006. "Global Versus Regional Systematic Risk and International Asset Allocations in Asia," Annals of Economics and Finance, Society for AEF, vol. 7(1), pages 77-89, May.
    5. Philip R. Lane & Sergio L. Schmukler, 2006. "The international financial integration of China and India," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    6. 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.
    7. Franklin Allen & Wei‐Ling Song, 2005. "Financial Integration and EMU," European Financial Management, European Financial Management Association, vol. 11(1), pages 7-24, January.
    8. Cavoli, Tony, 2012. "Exploring dimensions of regional economic integration in East Asia: More than the sum of its parts?," Journal of Asian Economics, Elsevier, vol. 23(6), pages 643-653.
    9. Tony Cavoli, 2006. "Financial Integration in East Asia: How Far? How Much Further to Go?," Working Papers id:372, eSocialSciences.
    10. 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, pages 267-313, National Bureau of Economic Research, Inc.
    11. Herrmann, Sabine & Winkler, Adalbert, 2009. "Real convergence, financial markets, and the current account - Emerging Europe versus emerging Asia," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 100-123, August.
    12. Barbara Pfeffer, 2008. "Do regional Trade and Specialization drive intra-regional Risk-Sharing?," MAGKS Papers on Economics 200813, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    13. Hiroshi Fujiki & Akiko Terada-Hagiwara, 2007. "Financial Integration in East Asia," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 25(S1), pages 57-100, December.
    14. L. Alan Winters & Shahid Yusuf, 2007. "Dancing with the Giants: China, India, and the Global Economy," World Bank Publications - Books, The World Bank Group, number 6632, December.
    15. Woosik Moon & Yeongseop Rhee, 2012. "Asian Monetary Integration," Books, Edward Elgar Publishing, number 14191.
    16. Park,Haelim & Ruiz Ortega,Claudia & Tressel,Thierry, 2015. "Determinants of long-term versus short-term bank credit in EU countries," Policy Research Working Paper Series 7436, The World Bank.
    17. Chikako IWATA & Jose Ma. Luis MONTESCLAROS & Xiao QI, 2015. "Systemic risks of asean+3 financial integration: challenges, opportunities and the future," Revista Digital Mundo Asia Pacífico, Universidad EAFIT, vol. 4(5), pages 63-80, June.
    18. Mr. Daniel Leigh & Mr. Abdul d Abiad & Mr. Ashoka Mody, 2007. "International Finance and Income Convergence: Europe is Different," IMF Working Papers 2007/064, International Monetary Fund.
    19. Bhattacharya, Sulagna, 2009. "FULL Capital Account Convertibility:India's Readiness in the context of Financial Integration," MPRA Paper 14731, University Library of Munich, Germany.

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