Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

Ulrich Volz

No 194, Working Papers from Department of Economics, SOAS University of London, UK

Abstract: This paper discusses recent trends in regional financial integration in East Asia and current efforts of the Association of Southeast Asian Nations (ASEAN) member countries to foster regional financial integration against the backdrop of three decades of experience with financial integration in Europe. It reviews the two major crisis episodes of the recent European financial history to illustrate the risks associated with comprehensive capital account liberalisation and financial integration without commensurate supervisory structures. The paper highlights the importance of targeted macroprudential policies and the development of an adequate region-wide regulatory and supervisory framework to reduce the risks associated with regional ñ and hence international ñ financial integration.

Keywords: Regional financial integration; East Asia; financial stability (search for similar items in EconPapers)
JEL-codes: E44 F36 (search for similar items in EconPapers)
Pages: 31
Date: 2016-03
New Economics Papers: this item is included in nep-mac, nep-mon and nep-sea
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Citations: View citations in EconPapers (2)

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Journal Article: Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:soa:wpaper:194

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