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International Financial Integration of East Asia and Pacific

Tatiana Didier (), Ruth Llovet Montanes () and Sergio Schmukler ()
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Ruth Llovet Montanes: World Bank Group

No 139, Mo.Fi.R. Working Papers from Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences

Abstract: This paper provides a comprehensive analysis of how economies in the East Asia and Pacific (EAP) region have been integrating financially with the rest of the world since the 1990s, using bilateral data on portfolio investments, syndicated bank loans, mergers and acquisitions (M&As), and greenfield investments. Four main messages emerge from the analysis. First, the region is increasingly more connected with itself and with the rest of the world, even relative to GDP. Second, although economies in the North capture the bulk of the region's inward and outward investments, EAP's connectivity with the South has grown relatively faster. Third, EAP is relatively more connected through arm’s length financing (portfolio investments and syndicated loans) with the more financially developed North, and through FDI (M&A and greenfield investments) with itself and the South. Fourth, more developed EAP economies have a larger role in EAP’s arm’s length investments than in the region's FDI.

Keywords: cross-border capital flows; foreign direct investment; international financial integration; portfolio investments; syndicated loans; trade flows (search for similar items in EconPapers)
JEL-codes: F14 F21 F23 G15 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-sea
Date: 2017-02
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http://docs.dises.univpm.it/web/quaderni/pdfmofir/Mofir139.pdf First version, 2017 (application/pdf)

Related works:
Journal Article: International financial integration of East Asia and Pacific (2017) Downloads
Working Paper: International financial integration of East Asia and Pacific (2016) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:anc:wmofir:139

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