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Financial Liberalization and Capital Market Integration in East Asia

In: A New Financial Market Structure for East Asia

Author

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  • Barry Eichengreen
  • Yung Chul Park

Abstract

This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia’s dependency on financial centers outside the region is also relatively high, and that there is no strong region-wide network to connect various financial centers in East Asia.

Suggested Citation

  • Barry Eichengreen & Yung Chul Park, 2005. "Financial Liberalization and Capital Market Integration in East Asia," Chapters, in: Yung Chul Park & Takatoshi Ito & Yunjong Wang (ed.), A New Financial Market Structure for East Asia, chapter 3, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3528_3
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    Citations

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    Cited by:

    1. Didier, Tatiana & Llovet, Ruth & Schmukler, Sergio L., 2017. "International financial integration of East Asia and Pacific," Journal of the Japanese and International Economies, Elsevier, vol. 44(C), pages 52-66.
    2. Qin, Weiping & Cho, Sungjun & Hyde, Stuart, 2023. "Time-varying bond market integration and the impact of financial crises," International Review of Financial Analysis, Elsevier, vol. 90(C).
    3. T.P. Bhat, 2013. "Yuan: Towards an International Reserve Currency," India Quarterly: A Journal of International Affairs, , vol. 69(3), pages 249-263, September.
    4. Suominen Kati, 2010. "Insuring Against Instability: United States and the Future of the International Monetary Fund," Global Economy Journal, De Gruyter, vol. 10(3), pages 1-23, October.
    5. Kwanho Shin & Chan‐Hyun Sohn, 2006. "Trade and Financial Integration in East Asia: Effects on Co‐movements," The World Economy, Wiley Blackwell, vol. 29(12), pages 1649-1669, December.
    6. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany.
    7. Eichengreen, Barry, 2006. "Global Imbalances and the Asian Economies: Implications for Regional Cooperation," Working Papers on Regional Economic Integration 4, Asian Development Bank.
    8. Dobson, Wendy & Masson, Paul R., 2009. "Will the renminbi become a world currency?," China Economic Review, Elsevier, vol. 20(1), pages 124-135, March.

    More about this item

    Keywords

    Asian Studies; Economics and Finance;

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