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Systemic risks of asean+3 financial integration: challenges, opportunities and the future

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  • Chikako IWATA
  • Jose Ma. Luis MONTESCLAROS
  • Xiao QI

Abstract

Aizenman, Joshua (2005). Opposition to FDI and financial shocks, Journal of Development Economics, 77(2005): 467-476. ASEAN Secretariat (2010). Joint Ministerial Statement of The 13th ASEAN+3 Finance Ministers’ Meeting. Available at: http://www.asean.org/archive/documents/JMS_13th_AFMM+3.pdf Asia Regional Trade Integration Center (2015). Integration Indicators. Asian Development Bank. Available at: http://aric.adb.org/integrationindicators/result?sort=country&filter=all&r_indicators%5B0%5D=TCINTSHR_DOT&r_reporters%5B0%5D=673&r_reporters%5B1%5D=273&r_partners%5B0%5D=673&r_partners%5B1%5D=273&r_years%5B0%5D=2012 Bhagwati, Jagdish (2008). Termites in the Trading System: How Preferential Agreements Undermine Free Trade. Oxford: Oxford University Press. Cheung, Y.W., Yiu, M.S. and Chow, K.C. (2008). Measuring economic integration: the case of Asian economies. Regional Financial Integration in Asia: Present And Future, 2008, vol. 42, pp 136-158 from Bank for International Settlements. Available at http://www.bis.org/publ/bppdf/bispap42e.pdf Dent, Christopher M. (2013). Paths ahead for East Asia and Asia–Pacific regionalism. International Affairs 89(4): 963–985. Eichengreen, B. and Park, Yung Chul (2003). Why Has There Been Less Financial Integration in Asia than in Europe?” Available at http://ies.berkeley.edu/pubs/workingpapers/PEIF-4-Fiscal_Stability.pdf. Fukunaga, Yoshifumi and Isono, Ikumo. (2013). Taking ASEAN+1 FTAs towards the RCEP: A mapping study. Economic Research Institute for ASEAN and East Asia (ERIA) Discussion Papers. Gehringer, Agnieszka (2013). Financial liberalization, financial development and productivity growth — An overview. Economics Discussion Papers, No 2013-46, Kiel Institute for the World Economy: http://www.economicsejournal.org/economics/discussionpapers/2013-46. IMF Staff Papers (2012). The liberalization and management of capital flows: An institutional view. International Monetary Fund. Available at http://www.imf.org/external/np/pp/eng/2012/111412.pdf. Japan External Trade Organization (2012). JETRO Global Trade and Investment Report 2012. Available at http://www.jetro.go.jp/ext_images/en/reports/white_paper/trade_invest_2012.pdf Irwin, Douglas A. (1996), Against the Tide: An Intellectual History of Free Trade, New Haven: Princeton University Press. Isard, Peter. (2005). Globalization and the International Financial System: What’s Wrong and What Can Be Done. Cambridge: Cambridge University Press. Kuroda, Haruhiko and Kawai, Masahiro. (2003). Strengthening regional financial cooperation in East Asia. PRI Discussion Paper Series (No.03A.10). Kwan, Yum and Qui, Larry D. (2010). The ASEAN+3 trading bloc. Journal of Economic Integration 25(1): 1-31 Lane, Philip R. and Milesi-Ferretti, Gian Maria (2003). International Financial Integration. IMF Staff Papers Vol. 50, Special Issue. Available at http://www.imf.org/external/pubs/ft/staffp/2002/00-00/pdf/lane.pdf Menon, Jayant (2013). How to multilateralise Asian regionalism. ADB. Available at:http://www. eastasiaforum.org/2013/01/06/how-to-multilateralise-asian-regionalism/. Monetary Authority of Singapore (2007). Asian Financial And Monetary Integration — Challenges and Propects. Singapore: Monetary Authority of Singapore. Available at http://www.asia-studies.com/asia/MAS/Research%20Papers/AsianFinancial.pdf. Park, Yung Chul and Wyplosz, Charles (2008). Monetary and financial integration in East Asia: The relevance of European experience. Economic Papers 329 (2008), European Commission. Park, Y. and Song, C. (2011). Prospects for monetary cooperation in East Asia. ADBI Working Paper No. 314. Tokyo: Asian Development Bank Institute. Available at http://www.adbi.org/workingpaper/2011/10/21/4739.prospects.monetary.cooperation.east.asia/. Pasadilla, Gloria O. (2008). Financial services integration in East Asia: Lessons from the European Union. Asia-Pacific Research and Training Network on Trade Working Paper Series, No. 53. Petri, Peter A., Plummer, Michael G. and Zhai Fan (2011). The Trans-Pacific partnership and Asia Pacific integration: A quantitative assessment. East-West Center Working Papers, Economics Series, No.119. Pongsaparn, R. and Unteroberdoerster, O. (2011). Financial integration and rebalancing in Asia”. IMF Working Paper Asia and Pacific Department, WP/11/243. Available at http://www.imf.org/external/pubs/ft/wp/2011/wp11243.pdf. Siregar, R. and Chabchitrchaidol, A. (2013). Enhancing the effectiveness of CMIM and AMRO: Selected immediate challenges and tasks. ADBI Working Paper 403. Tokyo: Asian Development Bank Institute. Available at http://www.adbi.org/workingpaper/2013/01/17/5454.enhancing.effectiveness.cmim.amro/. Sussangkarn C. (2011). Chiang Mai Initiative Multilateralization: Origin, development, and outlook. Asian Economic Policy Review, 6: 203–220. Terada, Takashi (2011). ASEAN+3: Becoming more like a normal regionalism?. In Mark Beeson and Richard Stubbs (eds.) Routledge Handbook of Asian Regionalism, Routledge, 2011, 364-374. Urata, Shujiro (2007). C

Suggested Citation

  • Chikako IWATA & Jose Ma. Luis MONTESCLAROS & Xiao QI, 2015. "Systemic risks of asean+3 financial integration: challenges, opportunities and the future," Revista Digital Mundo Asia Pacífico, Universidad EAFIT, vol. 4(5), pages 63-80, June.
    • Handle: RePEc:col:000498:014501
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    File URL: http://publicaciones.eafit.edu.co/index.php/map/article/view/2999/2658
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    References listed on IDEAS

    as
    1. Yung Chul Park & Chi-Young Song, 2011. "Prospects for Monetary Cooperation in East Asia," Governance Working Papers 23222, East Asian Bureau of Economic Research.
    2. Aizenman, Joshua, 2005. "Opposition to FDI and financial shocks," Journal of Development Economics, Elsevier, vol. 77(2), pages 467-476, August.
    3. Park, Yung Chul & Wyplosz, Charles, 2010. "Monetary and Financial Integration in East Asia: The Relevance of European Experience," OUP Catalogue, Oxford University Press, number 9780199587124.
    4. Park, Yung Chul & Song, Chi-Young, 2011. "Prospects for Monetary Cooperation in East Asia," ADBI Working Papers 314, Asian Development Bank Institute.
    5. Gehringer, Agnieszka, 2013. "Financial liberalization, financial development and productivity growth: An overview," Economics Discussion Papers 2013-46, Kiel Institute for the World Economy (IfW Kiel).
    6. Pasadilla, Gloria, 2008. "Financial Services Integration in East Asia: Lessons from the European Union," Discussion Papers DP 2008-31, Philippine Institute for Development Studies.
    7. Gian Maria Milesi-Ferretti, & Philip R. Lane, 2003. "International Financial Integration," The Institute for International Integration Studies Discussion Paper Series iiisdp03, IIIS.
    8. Eichengreen, Barry & Park, Yung Chul, 2003. "Why Has There Been Less Financial Integration In Asia Than In Europe?," Institute of European Studies, Working Paper Series qt6823v94w, Institute of European Studies, UC Berkeley.
    9. Yung Chul Park & Chi-Young Song, 2011. "Prospects for Monetary Cooperation in East Asia," Macroeconomics Working Papers 23222, East Asian Bureau of Economic Research.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Caporale, Guglielmo Maria & You, Kefei & Chen, Lei, 2019. "Global and regional stock market integration in Asia: A panel convergence approach," International Review of Financial Analysis, Elsevier, vol. 65(C).

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    More about this item

    Keywords

    ASEAN+3; CMIM; financial integration; FTA; trade integration; systemicrisks;
    All these keywords.

    JEL classification:

    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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