Financial Integration in ASEAN: Theoretical Aspect
Olga Bogacheva and
Finansovyj žhurnal — Financial Journal, 2016, issue 5, 63-74
Implementation of the ASEAN Economic Community Blueprint (2007–2015) has been taking place in the period when directions and scale of the financial integration effects on the key macroeconomic indicators and national budget systems stability were not completely clear neither in economic theory nor in practice. The article deals with the theoretical concept of financial integration “indirect effects” on macroeconomic and budgetary parameters in developing countries, which was put forward by a group of economists in the beginning of 2000s. The authors support the point of view according to which in order to gain positive effects of financial integration, developing countries should not only try to attract more foreign investments but also develop financial market infrastructure. Thus, the authors propose a set of criteria and indicators that are necessary to conduct complete evaluation of financial integration effects both on economic growth and national budget systems in developing countries, including ASEAN.
Keywords: ASEAN Economic Community; financial market liberalization; financial integration; globalization; threshold conditions; indirect effects; economic growth; budget system stability (search for similar items in EconPapers)
JEL-codes: E44 F36 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:160506:p:63-74
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