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Assessing the Financial Landscape for the Association of Southeast Asian Nations Economic Community, 2015

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  • Choong Lyol Lee
  • Shinji Takagi

Abstract

The article assesses Association of Southeast Asian Nations (ASEAN)'s financial landscape and considers issues related to regional financial cooperation. Although the ASEAN Economic Community is expected to come into force by the end of 2015, given the large disparity between the more and the less advanced member countries, regional financial integration in ASEAN can only be an evolutionary process. Regional cooperation is needed not only to help integrate the region financially but also to manage the attendant risks. Areas of cooperation must include, among others, establishing common licensing standards for financial institutions and creating region-wide systems for deposit insurance, credit rating, financial market supervision, payment and settlement, and consumer protection.

Suggested Citation

  • Choong Lyol Lee & Shinji Takagi, 2014. "Assessing the Financial Landscape for the Association of Southeast Asian Nations Economic Community, 2015," Asia and the Pacific Policy Studies 201510, Crawford School of Public Policy, The Australian National University.
    • Handle: RePEc:een:appswp:201510
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    File URL: http://onlinelibrary.wiley.com/doi/10.1002/app5.61/epdf
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    References listed on IDEAS

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    1. Yung Chul Park & Shinji Takagi, 2012. "Managing Capital Flows in an Economic Community: The Case of ASEAN Capital Account Liberalization," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 299-320, August.
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    3. Asian Development Bank (ADB), 2013. "The Road to ASEAN Financial Integration: A Combined Study on Assessing the Financial Landscape and Formulating Milestones for Monetary and Financial Integration in ASEAN," ADB Reports RPT124444, Asian Development Bank (ADB), revised 15 May 2013.
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    6. Chia, Siow Yue, 2013. "The ASEAN Economic Community: Progress, Challenges, and Prospects," ADBI Working Papers 440, Asian Development Bank Institute.
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    8. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2007. "The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004," Journal of International Economics, Elsevier, vol. 73(2), pages 223-250, November.
    9. Elliott, Douglas J., 2014. "Lessons for Asia from Europe’s History with Banking Integration," ADBI Working Papers 462, Asian Development Bank Institute.
    10. Raghuram G. Rajan, 2005. "Has financial development made the world riskier?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 313-369.
    11. Siow Yue Chia, 2013. "The ASEAN Economic Community : Progress, Challenges, and Prospects," Governance Working Papers 23717, East Asian Bureau of Economic Research.
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    Cited by:

    1. Kristina Spantig, 2015. "The role of the financial sector in enhancing economic growth in the Lao People’s Democratic Republic," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 22(1), pages 67-98, June.
    2. Jamel Boukhatem & Zied Ftiti & Jean Michel Sahut, 2021. "Bond market and macroeconomic stability in East Asia: a nonlinear causality analysis," Annals of Operations Research, Springer, vol. 297(1), pages 53-76, February.
    3. Tsukuda, Yoshihiko & Shimada, Junji & Miyakoshi, Tatsuyoshi, 2017. "Bond market integration in East Asia: Multivariate GARCH with dynamic conditional correlations approach," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 193-213.
    4. Jacint Jordana, 2017. "Transgovernmental Networks as Regulatory Intermediaries," The ANNALS of the American Academy of Political and Social Science, , vol. 670(1), pages 245-262, March.

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    Keywords

    ASEAN Economic Community; ASEAN economic integration; ASEAN financial markets and institutions;
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