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Financial Market Integration in East Asia: Regional or Global?

  • Jongkyou Jeon

    (Kyung Hee International College, Kyung Hee University 1, Seocheon-dong, Giheung-gu, Yongin-si, Gyeonggi-do, 446-701 Korea.)

  • Yonghyup Oh

    (Korea Institute for International, Economic Policy, 300-4, Yomgok-dong, Seocho-gu, Seoul, 137-747, Korea.)

  • Doo Yong Yang

    (Korea Institute for International, Economic Policy, 300-4, Yomgok-dong, Seocho-gu, Seoul, 137-747 Korea.)

This paper investigates whether financial markets in East Asia are integrated with global markets or with each other.We use two approaches: a volume-based approach and an asset price approach. Our overall results suggest global integration of these markets rather than regional integration and that there is no anchor market in the region that would match the advanced markets such as the United States. Though global integration is not a force that competes with regional integration, there seems to be no strong sign of the creation of an effective financial market mechanism in East Asia. (c) 2006 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

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Article provided by MIT Press in its journal Asian Economic Papers.

Volume (Year): 5 (2006)
Issue (Month): 1 (January)
Pages: 73-89

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Handle: RePEc:tpr:asiaec:v:5:y:2006:i:1:p:73-89
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