Suchergebnisse

Cover -- ASEAN: Financial Integration -- I. INTRODUCTION -- II. GROWTH, TRADE INTEGRATION, AND FINANCIAL INTEGRATION IN ASEAN -- III. TOWARD FURTHER FINANCIAL INTEGRATION IN ASEAN -- A. ASEAN: Financial Sector Liberalization: What is at Stake? -- B. ASEAN: Financial Sector Liberalization: Reform Initiatives -- C. ASEAN: Financial Sector Liberalization: Lessons from Europe -- D. ASEAN: Capital Account Liberalization: What is at Stake? -- IV. PROMOTING SAFE FINANCIAL INTEGRATION IN ASEAN -- V. CONCLUSIONS -- Appendix 1. Potential Capital Flows to ASEAN: The Sky is the Limit? -- A. Capital Flows to ASEAN in a Neoclassical Growth Model Without Adjustment Costs -- B. The Effect of Adjustment Costs and Frictions on Capital Flows to ASEAN Countries -- C. Capital Flows to ASEAN in a Model with Adjustment Costs -- References

'Financial Integration in East Asia' by Gordon de Brouwer is reviewed.

The financial integration in South East Asia has varied over time. This paper focuses on three periods: before, during, and after the global financial crisis in 2008. This paper finds that ASEAN-5 countries have indeed taken a step towards financial integration. While we do not observe any (cointegrating) long-run relationships between the ASEAN-5 countries, we find that there has been a significant increase in the volatility spillovers between them. This is particularly true in the recovery period following the global financial crisis. AbstrakIntegrasi keuangan di Asia Tenggara telah mengalami perubahan dari waktu ke waktu. Penelitian ini berfokus pada tiga periode waktu, yaitu pada sebelum, saat, dan setelah Krisis Keuangan Global tahun 2008. Hasil penelitian ini menemukan bahwa negara ASEAN-5 memiliki kecenderungan kearah integrasi keuangan. Walaupun kami belum melihat adanya hubungan jangka panjang dari kelima negara tersebut, namun kami menemukan adanya peningkatan signifikan dari volatility spillover diantara mereka. Hal ini khususnya benar terjadi sepanjang periode pemulihan dari Krisis Keuangan Global.Kata kunci: Integrasi Keuangan; Krisis Keuangan Global; ASEAN; GARCHJEL classifications: F21; F33