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Developing Indicators for Regional Economic Integration and Cooperation

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  • Capannelli, Giovanni

    ()
    (Asian Development Bank)

  • Lee, Jong-Wha

    ()
    (Asian Development Bank)

  • Petri, Peter

    ()
    (Brandeis International Business School)

Abstract

We develop indicators to measure the degree of economic integration and cooperation among East Asian economies and compare these with similar measures for other regions. Our indicators cover regional integration in trade, investment, financial assets, and people-to-people exchange. We also analyze measures of regional cooperation such as the density of free trade agreements and official policy dialogues. We find that in various Asian groupings, and especially in a group of 16 integrating Asian economies, interdependence in trade, direct investment, financial flows, and other forms of economic and social exchange has increased significantly over time, and now approaches that in the European Union. Nonetheless, Asia’s official cooperation remains weak and formal regional institutions remain relatively underdeveloped. To provide insight into the causes of this discrepancy, we also develop quantitative measures of political and cultural similarity of nations, and find that Asian countries have relatively low levels of political and cultural proximity compared to regions such as Europe. The diversity of political interests and cultural values may have hindered more intense cooperation among Asian economies in the past. But if regional economic and social interactions continue to grow, requirements for joint decision-making are also likely to expand, leading to stronger frameworks of official cooperation.

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Bibliographic Info

Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 33.

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Length: 56 pages
Date of creation: 01 Sep 2009
Date of revision:
Handle: RePEc:ris:adbrei:0033

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Keywords: Regional integration; economic cooperation; East Asia;

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Cited by:
  1. McKibbin, Warwick J. & Chanthapun, Waranya Pim, 2009. "Exchange Rate Regimes in the Asia-Pacific Region and the Global Financial Crisis," Working Papers on Regional Economic Integration 36, Asian Development Bank.
  2. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.
  3. Madhur, Srinivasa & Wignaraja, Ganeshan & Darjes, Peter, 2009. "Roads for Asian Integration: Measuring ADB's Contribution to the Asian Highway Network," Working Papers on Regional Economic Integration 37, Asian Development Bank.
  4. Chin, Gregory, 2012. "Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization," ADBI Working Papers 343, Asian Development Bank Institute.
  5. Moon, Woosik, 2013. "Cross-Border Price Differentials and Goods Market Integration in East Asia," ADBI Working Papers 426, Asian Development Bank Institute.
  6. Kiichiro Fukasaku & Bo Meng & Norihiko Yamano, 2011. "Recent Developments in Asian Economic Integration: Measuring Indicators of Trade Integration and Fragmentation," OECD Science, Technology and Industry Working Papers 2011/3, OECD Publishing.
  7. Masahiro Kawai & Peter J. Morgan, 2014. "Regional Financial Regulation in Asia," Macroeconomics Working Papers 23971, East Asian Bureau of Economic Research.
  8. Rigg, Robert & Schou-Zibell, Lotte, 2009. "The Financial Crisis and Money Markets in Emerging Asia," Working Papers on Regional Economic Integration 38, Asian Development Bank.
  9. Capannelli, Giovanni & Filippini, Carlo, 2009. "East Asian and European Economic Integration: A Comparative Analysis," Working Papers on Regional Economic Integration 29, Asian Development Bank.
  10. Hong Bum Jang, 2011. "Financial Integration and Cooperation in East Asia: Assessment of Recent Developments and Their Implications," IMES Discussion Paper Series 11-E-05, Institute for Monetary and Economic Studies, Bank of Japan.
  11. Schou-Zibell, Lotte & Madhur, Srinivasa, 2010. "Regulatory Reforms for Improving the Business Environment in Selected Asian Economies - How Monitoring and Comparative Benchmarking Can Provide Incentive for Reform," Working Papers on Regional Economic Integration 40, Asian Development Bank.

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