The Dynamics of Asian Financial Integration: Facts and Analytics (Hardback) book cover

The Dynamics of Asian Financial Integration

Facts and Analytics

Edited by Michael Devereux, Philip R Lane, Cyn-Young Park, Shang-Jin Wei

© 2011 – Routledge

328 pages | 191 B/W Illus.

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About the Book

The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks.

Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces.

The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.

Table of Contents

Executive Summary and Overview, Michael B. Devereux, Philip R. Lane, Cyn-Young Park and Shang-Jin Wei, Regional and Global Financial Integration: An Analytical Framework, Philippe Martin, International Capital Mobility of East Asian Economies: Is Domestic Investment Financed by Regional or Global Saving?, Soyoung Kim, Sunhyun Henry Kim and Cyn-Young Park, TheEvolution of Regional and Global Risk Sharing of East Asian Economies, Pierfederico Asdrubali and Soyoung Kim, Regional and Global Drivers of the Portfolio Holdings of Asian Investors, Philip R. Lane, Regional and Global Short-Term Financial Market Integration in Asia: Evidence from the Interbank Markets under the Crises, Shin-ichi Fukuda, Stock Market Integration and Financial Contagion, Kee-Hong Bae, Stock Market Integration: Emerging East Asia's Experience, Marthe Hinojales and Cyn-Young Park, Global and Regional Financial Accelerator Integration, Woon Gyu Choi and David Cook, Financial Contagion and Vulnerability of Asian Financial Markets, Michael B. Devereux and James Yetman, Not All Financial Integration is Created Equal: The Composition Matters, Shang-Jin Wei, What Happened to the East Asian Business Cycle, Jean M. Imbs, Conclusion

About the Editors

Michael B. Devereux is a Professor at the Department of Economics, University of British Columbia in Vancouver, Canada. He holds a Ph.D. in Economics from Queen's University, Kingston, Ontario, and an M.A. in Economics and B.A. in Economics and Politics from University College, Dublin. He was previously an associate professor at the Department of Economics, Queen's University, and an assistant professor at the Department of Economics, University of Toronto. Prof. Devereux is the associate editor of several academic journals, including the International Journal of Central Banking, Journal of Macroeconomics, and International Tax and Public Finance. His teaching and research interests are international economics, macroeconomics including financial macroeconomics, monetary policy, and exchange rates.

Philip R. Lane is a Professor of International Macroeconomics at Trinity College Dublin. He holds a Ph.D. and M.A. in Economics from Harvard University, and a B.A. in Economics from Trinity College, University of Dublin. Presently, he is also a research fellow at the Centre for Economic Policy Research and the Kiel Institute of World Economics. He is currently the managing editor of Economic Policy and an associate editor of the International Journal of Central Banking, Empirica, Open Economics Review, and Moneda y Credito. Prof. Lane is the co-author of Surviving the Slowdown: Monitoring the European Central Bank No. 4 (2002) and was Director of the Institute for International Integration Studies at Trinity College Dublin. His work and research interests are international macroeconomics including monetary policy, financial exchange rates, financial globalization, and international capital flows.

Cyn-Young Park is a Principal Economist in the Office of Regional Economic Integration (OREI) of the Asian Development Bank (ADB). In her current capacity, she is responsible for the overall macroeconomic and financial market research in OREI. She is also the main contributor for Asia Capital Markets Monitor and Asia Economic Monitor, OREI's annual and semiannual publications respectively. She also provides support for various regional forums including Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, and Asia-Europe Meeting. She has written and lectured extensively about the Asian economy and financial markets. Prior to joining the ADB, she served as Economist at the Organization for Economic Cooperation and Development (OECD), where she contributed to the OECD Economic Outlook. She received her Ph.D., M.Phil., and M.A. in Economics from Columbia University and B.A. in International Economics from Seoul National University.

Shang-Jin Wei is the N.T. Wang Professor of Chinese Business and Economy, Professor of Finance and Economics (Business School), and Professor of International and Public Affairs (School of International and Public Affairs) at Columbia University. He is also the director of The Jerome A. Chazen Institute of International Business and the Working Group on the Chinese Economy at the National Bureau of Economics Research. Prof. Wei is currently Associate Editor of the Journal of International Economics and Journal of Comparative Economics. A former Assistant Director at the International Monetary Fund, Professor Wei's extensive work covers international finance and macroeconomics, international trade, and the Chinese economy. He received his Ph.D. in Economics and M.S. in Business Administration (Finance) from the University of California, Berkeley and his M.A. in Economics from the Pennsylvania State University.

About the Series

Routledge Studies in the Modern World Economy

In an increasingly interdependent world, many of the most important issues are driven by economic forces. This series applies newly developed economic techniques to some of the most pressing contemporary problems. The aim of the series is to demonstrate the relevance of modern economic theory to the modern world economy, and to provide key reading for researchers and policy-makers.

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Subject Categories

BISAC Subject Codes/Headings:
BUSINESS & ECONOMICS / Economics / General