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Economic Integration in East Asia: Trends, Prospects, and a Possible Roadmap

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    Abstract

    This paper reviews trends in East Asian regionalism in the areas of trade and investment, money and finance, and infrastructure. It presents various measures of trade and financial integration. An important finding of the paper is that increasing trade and financial integration in the region is now starting to lead to a synchronization of business cycles in a selected group of countries, further enhancing the case for monetary integration among these countries. The paper also outlines a roadmap for East Asian integration.

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    File URL: http://aric.adb.org/pdf/workingpaper/WP2%20Rana%20240706.pdf
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    Bibliographic Info

    Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 2.

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    Length: 26 pages
    Date of creation: 01 Jul 2006
    Date of revision:
    Handle: RePEc:ris:adbrei:0002

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    Related research

    Keywords: ASEAN/East Asian economic cooperation and integration; business cycle synchronization; free trade agreements; policy coordination;

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    References

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    1. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
    2. Brian M. Doyle & Jon Faust, 2005. "Breaks in the Variability and Comovement of G-7 Economic Growth," The Review of Economics and Statistics, MIT Press, vol. 87(4), pages 721-740, November.
    3. Paolo Mauro & Tamim Bayoumi, 1999. "The Suitability of AsEAN for a Regional Currency Arrangement," IMF Working Papers 99/162, International Monetary Fund.
    4. Kwanho Shin & Yunjong Wang, 2003. "Trade Integration and Business Cycle Synchronization in East Asia," Asian Economic Papers, MIT Press, vol. 2(3), pages 1-20.
    5. Kawai, Masahiro, 2005. "East Asian economic regionalism: progress and challenges," Journal of Asian Economics, Elsevier, vol. 16(1), pages 29-55, February.
    6. Barry Eichengreen, 2006. "The Parallel-Currency Approach to Asian Monetary Integration," American Economic Review, American Economic Association, vol. 96(2), pages 432-436, May.
    7. Mark Crosby, 2003. "Business Cycle Correlations in Asia-Pacific," Working Papers 042003, Hong Kong Institute for Monetary Research.
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    Citations

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    Cited by:
    1. Michael G. Plummer & Ganeshan Wignaraja, 2006. "The Post-Crisis Sequencing of Economic Integration in Asia: Trade as a Complement to a Monetary Future," Economie Internationale, CEPII research center, issue 107, pages 59-85.
    2. Vinokurov, Evgeny, 2009. "Systema Indikatorov Evraziyskoy Integracii
      [The System of Indicators of Eurasian Integration]
      ," MPRA Paper 20914, University Library of Munich, Germany.
    3. Duo Qin & Marie Anne Cagas & Geoffrey Ducanes & Nedelyn Magtibay-Ramos & Pilipinas F. Quising, 2006. "Measuring Regional Market Integration by Dynamic Factor Error Correction Model (DF-ECM) Approach - The Case of Developing Asia," Working Papers 565, Queen Mary, University of London, School of Economics and Finance.
    4. Andrew Sheng, 2006. "Building National and Regional Financial Markets: The East Asian Experience," Papers Presented at Global Meetings of the Emerging Markets Forum 2006regfinmkt, Emerging Markets Forum.
    5. Fidrmuc, Jarko & Korhonen, Iikka, 2010. "The impact of the global financial crisis on business cycles in Asian emerging economies," Journal of Asian Economics, Elsevier, vol. 21(3), pages 293-303, June.
    6. Vinokurov, Evgeny, 2010. "The System of Indicators of Eurasian Integration," MPRA Paper 22227, University Library of Munich, Germany.
    7. Qin, Duo & Cagas, Marie Anne & Ducanes, Geoffrey & Magtibay-Ramos, Nedelyn & Quising, Pilipinas F., 2007. "Measuring Regional Market Integration in Developing Asia: a Dynamic Factor Error Correction Model (DF-ECM) Approach," Working Papers on Regional Economic Integration 8, Asian Development Bank.
    8. Kueh, Jerome Swee-Hui & Puah, Chin-Hong & Mattias, Murphy Lai, 2010. "Economic Integration between ASEAN+5 Countries: Comparison of GDP," MPRA Paper 31764, University Library of Munich, Germany.
    9. AkIn, Cigdem & Kose, M. Ayhan, 2008. "Changing nature of North-South linkages: Stylized facts and explanations," Journal of Asian Economics, Elsevier, vol. 19(1), pages 1-28, February.
    10. Sawyer, William C. & Sprinkle, Richard L. & Tochkov, Kiril, 2010. "Patterns and determinants of intra-industry trade in Asia," Journal of Asian Economics, Elsevier, vol. 21(5), pages 485-493, October.

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