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Financial Integration in Asia : A Medium-Term Agenda

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  • Shinji Takagi

    (Osaka University)

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    Abstract

    Asia is a region whose financial integration has not kept pace with real integration. Asias relative financial isolation has limited its exposure to the direct fallout of the global financial crisis (though it did not prevent trade links from exerting severe contractionary impact). Does this mean that Asia should continue to limit its financial integration, in order to limit its susceptibility to a large global financial shock? The paper argues that maintaining the status quo is not a sustainable policy option. Promoting financial integration could further strengthen real links within the region and also help limit financial dependence on the center countries of North America and Europe. In the process, Asia will create more demand for final goods from within and outside the region; Asia will intermediate more of its own financial resources for use within the region. In other words, this will help facilitate a transition of the current hub-and-spoke structure of world trade and finance, which has been the source of instability, to a more pluralistic structure. Regional cooperation is essential in the process.

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    Bibliographic Info

    Paper provided by East Asian Bureau of Economic Research in its series EABER Working Papers with number 22857.

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    Date of creation: Jan 2009
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    Handle: RePEc:eab:wpaper:22857

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    Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
    Web page: http://www.eaber.org
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    Related research

    Keywords: financial integration; Asia; global financial crisis; regional cooperation;

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    1. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
    2. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany.
    3. Leslie Teo & David Cowen & Hemant Shah & Ranil Salgado & Alessandro Zanello, 2006. "Financial Integration in Asia: Recent Developments and Next Steps," IMF Working Papers 06/196, International Monetary Fund.
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