Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/98638
Authors: 
Kaur, Inderjit N.
Singh, Nirvikar
Year of Publication: 
2013
Series/Report no.: 
Working Papers, UC Santa Cruz Economics Department 709
Abstract: 
This paper reviews the East Asian experience with financial integration, how economies in the region have responded to shocks, and what they may do to continue to thrive in the future. It discusses openness to capital flows as a key aspect of financial integration, briefly considering the theoretical underpinnings and empirical evidence for the benefits of openness. It then examines the East Asian experience with the two financial crises that have affected the region, and how the two episodes have differed. It concludes by considering policy options for the future, including regulatory reform and coordination, and various possible risk management policies and institutions. The analysis illustrates differences in patterns of financial development for the three largest economies of the region (China, Japan and South Korea) and discusses implications for financial integration efforts.
Subjects: 
financial integration
financial development
financial crises
trilemma
monetary union
risk management
JEL: 
F36
F42
F62
O16
Document Type: 
Working Paper

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