Download or read book Rebalancing Economies in Financially Integrating East Asia written by Jenny Corbett and published by Routledge. This book was released on 2014-11-13 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Asian Financial Crisis (AFC) of 1997–98 large current account surpluses have accumulated in the countries of Asia and the Pacific with corresponding deficits elsewhere. The sharp plunge in global trade volumes during the global financial crisis has highlighted the need for ‘rebalancing’–focussing more on domestic sources of economic growth than on exports in some Asian economies. One key objective of the book is to elucidate the economic structures and policies that give rise to current account surpluses and imbalances and consider what policy adjustments could change them. Another objective is to show the link between financial systems, financial integration and the transmission of economic shocks between countries. The book offers new dimensions to understand ‘rebalancing’ and provides alternative and arguably more fundamental solutions to address imbalances. Rather than focusing on exchange rate misalignment, this book begins from the premise that the imbalances are a macroeconomic problem that reflects a mismatch between savings and investment in the surplus countries. Then, it examines exchange rate policies adopted by countries in the region and finds that part of the explanation for their currency strategy lies in their perceived need to build foreign exchange reserves to provide a buffer in case of instabilities. The book examines whether there are other possibilities for countries to insure against economic volatility by more actively and openly engaging with international capital markets. The studies show that closer financial integration, involving more open financial markets, with well-chosen partners, would be welfare-improving and should reduce the need for the counter-productive, self-insurance policies that result in foreign exchange accumulation.

Download or read book The Dynamics of Asian Financial Integration written by Michael Devereux and published by Routledge. This book was released on 2011-05-03 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Financial Deregulation and Integration in East Asia written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.

Download or read book Financial Integration and Rebalancing in Asia written by Ms.Runchana Pongsaparn and published by International Monetary Fund. This book was released on 2011-10-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper shows that Asia's degree of financial integration, both with the world and within the region remains low by various measures. The paper also provides empirical evidence that greater financial integration can support economic rebalancing in statistically meaningful ways. The implication is that in the debate on managing capital inflows the longer-term benefits of financial openness for broader-based growth should not be forgotten.

Download or read book Global Linkages and Economic Rebalancing in East Asia written by Shigeyuki Hamori and published by World Scientific. This book was released on 2013 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the global financial crisis, leading industrialized countries have managed to show only a gradual recovery, while East Asian economies have surged ahead. In particular, China achieved growth in excess of 10% in 2010 and is expected to continue growing at a rapid pace. It appears that in the coming years, East Asia will play an even greater role as a growth center leading global economic expansion. Following the Asian currency crisis of 1997OCo98, consumption and investment in the region decreased considerably, and East Asian economies recovered on the strength of exports. Presently, however, amid a less-than-robust recovery in the US and Europe, the sustainability of East Asia''s reliance on export-led growth has been called into question. The region''s transition to growth based on a balance of foreign and domestic demand is important for both building a stronger foundation for sustainable growth and buttressing global economic expansion. Moreover, the rebalancing of demand in East Asia holds the key to rectifying global current account imbalances OCo the disadvantage of uneven international capital flows. This unique volume illuminates policy issues involved in the efforts to promote the rebalancing of demand in East Asia.

Download or read book Real and Financial Integration in Asia written by Shandre M. Thangavelu and published by Routledge. This book was released on 2012-10-02 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the impact of both real and financial integration to growth and to welfare, and to enquire whether increases in either or both forms build the linkage between the real and financial economy. It contributes to the following two areas: (1) Research of economic developments in East Asia, the most dynamic and populous region in the world, in itself is important for researchers, policy makers, journalists, business people and others. East Asia’s economic developments influence peoples’ lives not only in East Asia but also in other parts of the world. (2) Many aspects of East Asian experiences in economic development are unique, making research of East Asia attractive and important to discern mechanisms of economic development. The first part of this study begins with chapters that address the measurement of regional integration compared with the engagement with the global economy and how this influences the aggregate behavior of the economies. The second part turns to consideration of the financial sector and the efficiency and performance of banking in the region. This allows a discussion whether, in the current crisis, the banking sector was an important channel of financial shock into real behavior. The third part turns to the corporate sector. Using data on firms, type of finance used by firms, its impact on their performance, and ownership structure influence over the productivity growth are discussed. Based on the findings, the book presents several policy recommendation and future research agenda for further economic integration in East Asia.

Download or read book East Asian Economic Integration written by Ross P. Buckley and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book offers a fascinating exploration of the contradictions of East Asian economic integration: a topic of enormous contemporary significance to observers of world political and economic affairs. The collection provides an unusually rigorous and systematic treatment of this important topic, drawing on contributions from an impressive array of experts. It will provide a valuable resource for students, scholars and other observers seeking deeper understanding of the contemporary dynamics and challenges of East Asian integration.' - Kate MacDonald, University of Melbourne, Australia 'East Asia is a crucial part of the global economy. This book analyses three key elements of East Asian economic integration: trade, investment and international finance. The authors are leading experts in their fields. Their book represents an important addition to the literature on a subject of fundamental importance both regionally and globally.' - Bradly J. Condon, ITAM, Mexico City This book analyses recent developments and likely future paths for trade and financial integration in East Asia. It suggests a more coherent, balanced way forward for regional economic integration and analyses implications for institution building in East Asia. East Asia has achieved a high degree of intra-regional trade, investment and GDP correlation, through an expanding web of free trade agreements and production networks. However, financially, most regional economies are linked more closely to North America and Europe than to each other. As trade integration has accelerated, financial and monetary integration has not kept pace. East Asian Economic Integration analyses potential reasons and remedies for this phenomenon through a multidisciplinary framework of law, politics and economics. This comprehensive book will appeal to researchers and students in political science, international relations, trade law, international finance law, and regional studies generally. It will also be of great interest to regional

Download or read book Monetary and Financial Integration in East Asia written by Yung Chul Park and published by OUP Oxford. This book was released on 2010-07-01 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia.

Download or read book Monetary and Financial Cooperation in East Asia written by Masahiro Kawai and published by OUP Oxford. This book was released on 2015-04-02 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis and the Eurozone crisis have led to a profound rethink in East Asia about the international monetary system and regional monetary and financial integration. After the East Asian crisis of 1997, deeper regional cooperation was seen as the way to avoid reliance on the IMF and the rest of the world. Steps were taken, but they were limited because of disagreements reflecting regional rivalries. Still, integration into the global financial system and Europe's regional process were seen as objectives to be adapted to East Asia, as detailed in an overview chapter. The crises have shaken this strategy but also revealed the pre-existing deep disagreements. This book presents contributions by scholars from different countries. Each one was invited to describe the vision of their policymakers. The traidtional rivalry between China and Japan, the region's largest economies, reveals Chinese confidence into its rising power and Japanese growing doubts about its ability to weigh on the debate. For opposite reasons, both display a declining interest into regional cooperation. Korea and the ASEAN countries do not wish to choose between the regional powers but remain attached to regional cooperation and integration. They look for pragmatic solutions that recognize the value-chain characteristic of trade. Additional contributions by US and European scholars provide evaluations of the global and Eurozone crises and of their relevance for East Asian integration.

Download or read book Financial Integration and Consumption Risk Sharing in East Asia written by Soyoung Kim and published by 대외경제정책연구원. This book was released on 2003 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Integration in East Asia written by Hiroshi Fujiki and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper examines the degree of integration into world financial markets and the impacts on several key macroeconomic variables of selected East Asian economies, and draws policy implications. According to our analysis, the degrees of integration into world financial markets in those economies are increasing. Regarding the impacts of increasing integration into world financial markets on several macroeconomic variables, we find three results. First, casual two-way plots among macroeconomic variables do not support the theoretical prediction of reduction in relative consumption volatility. Second, the saving-investment correlation is higher than those of the euro area economies. Third, the degrees of smoothing of idiosyncratic shock by cross-holding of financial assets are lower than the euro area economies. These results suggest two policy implications. First, there is some room for improvement in welfare gains in those economies by means of further risk sharing. Second, holding all other conditions equal, the increasing integration into world financial markets alone is unlikely to provide a sound ground for a currency union in East Asia at this stage."--Author's description.

Download or read book Economic Liberalization and Integration in East Asia written by Yŏng-chʻŏl Pak and published by Oxford University Press, USA. This book was released on 2006 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Park argues for the continuing validity of an 'East Asian' model of economic development that differs distinctly from the Washington Consensus. He argues that, while this model was undermined to some extent by the 1997-98 financial crisis, it remains robust and important in explaining economic events in East Asia.

Download or read book East Asian Visions written by Indermit Singh Gill and published by World Bank Publications. This book was released on 2007 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the diversity in income levels, languages, culture, resource endowments, and political systems, the countries of East Asia are more integrated now than they have ever been. Goods, money, and ideas are being traded across the region. East Asia is redefining itself from a collection of disparate nations that looked mainly to markets in the west, to a more self-reliant, innovative, and networked region. Countries in this region are strengthening ties with each other and seeking more strategic partnerships with the rest of the world. 'East Asian Visions' is a collection of essays that convey, firsthand, how some of the most influential thinkers in East Asia view these challenges. The writers are eminent policy makers, statesmen, and scholars. They write about how competition with the west has bred success; how crises in the region have provoked introspection; and how the rise of China is catalyzing change.

Download or read book Towards Monetary and Financial Integration in East Asia written by Koichi Hamada and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 423 pages. Available in PDF, EPUB and Kindle. Book excerpt: Towards Monetary and Financial Integration in East Asia is an important book. East Asia, led by China, has been and will continue to be the largest, most rapidly growing region in the world. Major global imbalances persist, with East Asia in large surplus. Yet East Asian financial and monetary integration is only in the early stages of what will necessarily be a long-run process. These 14 essays by different authors address, in six Parts, fundamental long-run issues and prospects. These include the development of a regional financial architecture, liquidity provision and crisis management, surveillance mechanisms, exchange rate arrangements, currency baskets, an Asian Currency Unit, and ultimately even a single currency. The implications of the rise of China and the role of Japan underlie much of these analyses. However imperfect, the EU is the dominant relevant experience for East Asian financial and monetary integration. It is important to understand, as the authors do, that it took 47 years from the EU s nascent founding to the establishment of the euro, and that economic integration has preceded political integration. This book importantly addresses such basic issues in this time frame and with an appreciation of the political economy difficulties of financial integration. Hugh Patrick, Columbia University, US The book edited by Professors Hamada, Reszat, and Volz gives a comprehensive overview of the current status and challenges of economic integration in East Asia. Monetary and financial integration in East Asia has proceeded gradually but steadily since the Asian financial crisis of 1997 98. The book is an authoritative cutting-edge collection of papers in respective topics which brings the reader to the frontier of the literature. Takatoshi Ito, University of Tokyo, Japan This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world s most dynamic region. With contributions from distinguished experts this timely book evaluates the economic and politico-economic arguments and conditions for monetary and financial integration in East Asia. It explores how and to what extent the countries of the region can integrate despite their heterogeneity and their underlying political tensions. Drawing on the European experiences, this book analyzes the economic logic of monetary and financial integration in East Asia and its political feasibility. This invaluable broad analysis will be of interest to academic researchers, students, policy-makers and professional economists working on matters of international economic cooperation, common currency areas, international open economy macroeconomics, and East Asian integration.

Download or read book Strengthening Regional Financial Cooperation in East Asia written by Haruhiko Kuroda and published by . This book was released on 2002 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper argues that a regional financial architecture needs to be firmly established in East Asia, outlines recent developments in financial cooperation in the region, and provides possible directions for the future". -- p. 1.

Download or read book Asia and the Global Economic Crisis written by J. Dowling and published by Springer. This book was released on 2010-09-17 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an analysis of the global economic crisis from an Asian perspective. It examines the impacts of the policy measures adopted, the remaining challenges in rebalancing the global economy, the next steps in regional economic integration in Asia, and issues related to reform of the international financial architecture.

Download or read book Prospects for Regional Financial and Monetary Integration in East Asia written by Yŏng-chʻŏl Pak and published by KIEP. This book was released on 2006 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: