Financial integration in Asia

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Title: Financial integration in Asia
Author: Mayes, David G.
Organization: Suomen Pankki
Series: Suomen Pankki. BoF online
Series number: 2008/9
Year of publication: 2008
Publication date: 16.6.2008
Pages: 18 s.
Keywords: integraatio; Aasia; rahoitusmarkkinat; yhteistyö; instituutiot; Kiina;
Abstract: This note explores the progress of financial integration in Asia by comparison with the EU. In the process of development the Asian countries have focused more on access to the main markets of the world than to each other. Only more recently after the experience of unwelcome contagion in the crises of 1997 1998 has there been a concerted effort to develop instruments to promote greater financial stability in the face of external shocks. Many initiatives are currently underway to improve regional financial integration and there is a movement to achieve monetary integration. However, the region is very heterogenous and inequalities in size and development will make full integration difficult. The process is thus likely to be drawn out but there is a clear direction

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