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Multiple Regime Shifts: The Influence of ASEAN Politics on Financial Integration within South-East Asia

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  • David Treisman

Abstract

For the last two decades, a key policy objective of the Association of South East Asian Nations (ASEAN), to which it claims much success, has been the supra-national integration among the region’s financial markets. This paper critically appraises this claim by locating and estimating multiple structural breaks in two equity market-based indicators and by employing a method to examine the effects of the ASEAN decision-making regime on variations in South-East Asian equity prices. The main findings of the paper are that the majority of identified structural breaks coincide with regime shifts in the ASEAN decision-making mechanism but that the politics of the regimes has had little influence on supra-national integration of the region’s financial markets.

Suggested Citation

  • David Treisman, 2010. "Multiple Regime Shifts: The Influence of ASEAN Politics on Financial Integration within South-East Asia," Monash Economics Working Papers 31-10, Monash University, Department of Economics.
    • Handle: RePEc:mos:moswps:2010-31
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    File URL: http://www.buseco.monash.edu.au/eco/research/papers/2010/3110multipletreisman.pdf
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    More about this item

    Keywords

    ASEAN; equity prices; financial markets; integration; politics; structural breaks;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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