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Alternatives of Cross-Border Securities Settlement System in East Asia

Author

Listed:
  • Chai, Hee-Yul

    (Kyonggi University)

  • Rhee , Yeongseop

    (Sookmyung Women's University)

Abstract

The establishment of cross-border securities settlement system is a very important element of regional capital market integration. Despite its importance, relatively few arguments, both theoretical and practical, have been advanced on the subject. This paper aims to examine the alternatives of cross-border securities settlement system in East Asia, and analyse the feasibility and the advantages and disadvantages of each alternative. The paper underlines the need to develop a multi-currency DVP securities settlement system. The conceivable alternatives of East Asia's cross-border securities settlement system can be divided into decentralized system and centralized system. It is possible to consider a large array of institutional settings according to the depository/settlement methods. The comparison of the alternatives is based on economic efficiency, feasibility and institutional location of settlement system. In view of these criteria, it is argued that a 'big-bang' approach toward imperfectly cenralized system is the most desirable alternative.

Suggested Citation

  • Chai, Hee-Yul & Rhee , Yeongseop, 2005. "Alternatives of Cross-Border Securities Settlement System in East Asia," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 9(2), pages 49-82, December.
    • Handle: RePEc:ris:eaerev:0173
    DOI: 10.11644/KIEP.JEAI.2005.9.2.144
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    Keywords

    Cross-border Securities Settlement; Multi-currency DVP Securities Settlement; Capital Market Integration In East Asia; Decentralized System; Centralized System;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F15 - International Economics - - Trade - - - Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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