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Financial Cooperation in East Asia: Its Future Directions


  • Wataru Takahashi

    (Research Institute for Economics & Business Administration (RIEB), Kobe University, Japan)


After looking back the achievements of financial cooperation in Asia, this paper argues its future direction. Despite recent financial turmoil of "Euro", the financial integration in Europe still has the aspects from which we should learn. The other aspect of the financial integration besides the single currency is to develop the good market infrastructure at regional scale. In this respect, Euro has attained good achievement. Financial service has improved much in Europe, which supports the promotion of trade and investment. In Asia, economic integration has progressed in trade and production, while cross border financial service is far behind. There remain many impediments in the financial services. In order to improve them, the priority should be put on the development of financial infrastructure

Suggested Citation

  • Wataru Takahashi, 2011. "Financial Cooperation in East Asia: Its Future Directions," Discussion Paper Series DP2011-31, Research Institute for Economics & Business Administration, Kobe University.
  • Handle: RePEc:kob:dpaper:dp2011-31

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    References listed on IDEAS

    1. Takeo Hoshi & Anil Kashyap, 2000. "The Japanese Banking Crisis: Where Did It Come From and How Will It End?," NBER Chapters,in: NBER Macroeconomics Annual 1999, Volume 14, pages 129-212 National Bureau of Economic Research, Inc.
    2. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1990. "The role of banks in reducing the costs of financial distress in Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 67-88, September.
    3. Aoki, Masahiko & Patrick, Hugh (ed.), 1995. "The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies," OUP Catalogue, Oxford University Press, number 9780198288992.
    4. Masazumi Hattori & Hyun Song Shin & Wataru Takahashi, 2009. "A Financial System Perspective on Japan's Experience in the Late 1980s," IMES Discussion Paper Series 09-E-19, Institute for Monetary and Economic Studies, Bank of Japan.
    5. Wataru Takahashi & Shuji Kobayakawa, 2003. "Globalization: Role of Institution Building in the Japanese Financial Sector," Bank of Japan Working Paper Series 03-E-7, Bank of Japan.
    6. Trezise, Philip H., 1982. "MITI and the Japanese miracle: The growth of industrial policy, 1925-1975 : , Stanford, California: Stanford Univ. Press, 1982. x + 363 pp., index. $28.50," Journal of Comparative Economics, Elsevier, vol. 6(4), pages 436-439, December.
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    More about this item


    Financial cooperation; The single currency; Financial integration;

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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