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Financial Integration and Rebalancing in Asia

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  • Olaf Unteroberdoerster
  • Runchana Pongsaparn
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    Abstract

    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.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/243.

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    Length: 31
    Date of creation: 01 Oct 2011
    Date of revision:
    Handle: RePEc:imf:imfwpa:11/243

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    Related research

    Keywords: Asia; Capital inflows; Foreign investment; Exchange restrictions; Capital account liberalization; Economic growth; financial integration; portfolio investment; fdi; direct investment; portfolio investment assets; foreign assets; net foreign assets; direct investment inflows; foreign direct investment; international financial; trade intensity; trade integration; international financial integration; financial markets; international settlements; foreign investors; foreign participation; capital flows; equity portfolio investment; foreign asset; global integration; globalization; global financial integration; equity portfolio; exchange rates; foreign currency; international economic policy; financial regulations; equity flows; financial globalization; international financial statistics; global finance; bilateral trade; global financial crisis; economic integration; international investors; medium-sized firms; globalization of production; international financial centers;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Edison, Hali J. & Levine, Ross & Ricci, Luca & Slok, Torsten, 2002. "International financial integration and economic growth," Journal of International Money and Finance, Elsevier, vol. 21(6), pages 749-776, November.
    2. Séverine Blaise, 2009. "Japanese aid as a prerequisite for FDI: the case of Southeast Asian countries," Asia Pacific Economic Papers 385, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    3. Séverine Blaise, 2009. "Japanese Aid as a Prerequisite for FDI : The Case of Southeast Asian Countries," Finance Working Papers 22767, East Asian Bureau of Economic Research.
    4. Abdul Abiad & Nienke Oomes & Kenichi Ueda, 2004. "The Quality Effect," IMF Working Papers 04/112, International Monetary Fund.
    5. Eswar S. Prasad & Raghuram G. Rajan, 2008. "A Pragmatic Approach to Capital Account Liberalization," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 149-72, Summer.
    6. Philip R. Lane & Gian-Maria Milesi-Ferretti, 2010. "Cross-Border Investment in Small International Financial Centers," IMF Working Papers 10/38, International Monetary Fund.
    7. Peter Isard, 2007. "Equilibrium Exchange Rates," IMF Working Papers 07/296, International Monetary Fund.
    8. Martin Schindler, 2009. "Measuring Financial Integration: A New Data Set," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 222-238, April.
    9. Andrew K. Rose & Mark M. Spiegel, 2004. "A Gravity Model of Sovereign Lending: Trade, Default, and Credit," IMF Staff Papers, Palgrave Macmillan, vol. 51(s1), pages 50-63, June.
    10. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany.
    11. di Giovanni, Julian, 2002. "What Drives Capital Flows? The Case of Cross-Border M&A Activity and Financial Deepening," Center for International and Development Economics Research, Working Paper Series qt7nq6d7wp, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    12. Alicia Garcia-Herrero & Philip Woolbridge & Doo Yong Yang, 2009. "Why don\'t Asians invest in Asia:The determinants of cross-border portfolio holdings," Working Papers 0908, BBVA Bank, Economic Research Department.
    13. Jaewoo Lee & Jonathan David Ostry & Alessandro Prati & Luca Antonio Ricci & Gian-Maria Milesi-Ferretti, 2008. "Exchange Rate Assessments," IMF Occasional Papers 261, International Monetary Fund.
    14. Kasa, Kenneth, 1992. "Common stochastic trends in international stock markets," Journal of Monetary Economics, Elsevier, vol. 29(1), pages 95-124, February.
    15. Ghosh, Saibal, 2006. "Did financial liberalization ease financing constraints? Evidence from Indian firm-level data," Emerging Markets Review, Elsevier, vol. 7(2), pages 176-190, June.
    16. Olaf Unteroberdoerster & Cynthia Leung, 2008. "Hong Kong SAR As a Financial Center for Asia," IMF Working Papers 08/57, International Monetary Fund.
    17. Mahmood Pradhan & Shanaka J. Peiris & Mangal Goswami & Dulani Seneviratne & Joshua Felman & Andreas Jobst & Simon Gray, 2011. "Asean Bond Market Development," IMF Working Papers 11/137, International Monetary Fund.
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