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Advertisement Volume 6, Issue 2

December 2011
Pages 176-198

Financial Integration in Emerging Asia: Challenges and Prospects

Cyn‐Young PARK  , Jong‐Wha LEE

First published: 06 December 2011 | https://doi.org/10.1111/j.1748-3131.2011.01193.x | Citations: 33 Advertisement

The authors would like to thank Roger Mercado for his excellent research assistance and Kevin Donahue
for editing.

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Details  © 2011 The Authors. Asian Economic Policy
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Abstract Keywords

Using both quantity‐ and price‐based measures of nancial integration, the paper shows Asian nancial integration

an increasing degree of nancial openness and integration in emerging Asia. Assessing capital ow volatility
the impact of a regional shock relative to a global shock on local equity and bond
contagion and spillover
markets, the ndings suggest that the region's equity markets are integrated more
globally than regionally, although the degrees of both regional and global integration convergence of asset return

have increased signi cantly since the 1997/1998 Asian nancial crisis. However, emerging cross‐border asset holding
Asia's local currency bond markets remain generally segmented, being neither regionally
F30 F36 G15 F41
nor globally integrated. There are potential bene ts from increased regional integration
of nancial markets. Financial integration at the regional level allows for the region's
economies to bene t from allocation e ciency and risk diversi cation. Policymakers in
the region must strike the right balance between maximizing the net bene ts from
regional and global nancial openness, and minimizing the potential costs of nancial
contagion and crisis.

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