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Why Has There Been Less Financial Integration In Asia Than In Europe?

  • Eichengreen, Barry
  • Park, Yung Chul

This paper inquires into the causes of the contrasting experiences between Asia and Europe and asks what they bode for the future. It poses questions like: Is the contrast explicable in terms of the fact that Europe was earlier to begin the process of removing controls on cross-border portfolio capital flows? Is it explicable by the fact that Europe had better developed financial markets at the start of its regional monetary and financial integration project? Is the main difference deeper trade and factor market integration due to Europe’s Single Market project, compared to more partial and tentative moves toward regional trade integration in Asia? Or does the euro make a key difference through the elimination of exchange risk?

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Paper provided by Institute of European Studies, UC Berkeley in its series Institute of European Studies, Working Paper Series with number qt6823v94w.

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Date of creation: 01 Jan 2003
Date of revision:
Handle: RePEc:cdl:bineur:qt6823v94w
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