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Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

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  • Ulrich Volz

    (Department of Economics, SOAS University of London, UK)

Abstract

This paper discusses recent trends in regional financial integration in East Asia and current efforts of the Association of Southeast Asian Nations (ASEAN) member countries to foster regional financial integration against the backdrop of three decades of experience with financial integration in Europe. It reviews the two major crisis episodes of the recent European financial history to illustrate the risks associated with comprehensive capital account liberalisation and financial integration without commensurate supervisory structures. The paper highlights the importance of targeted macroprudential policies and the development of an adequate region-wide regulatory and supervisory framework to reduce the risks associated with regional ñ and hence international ñ financial integration.

Suggested Citation

  • Ulrich Volz, 2016. "Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences," Working Papers 194, Department of Economics, SOAS University of London, UK.
    • Handle: RePEc:soa:wpaper:194
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    Cited by:

    1. Luca Alfieri, 2018. "Heterogeneity Of Financial Institutions In The Process Of Economic And Monetary Integration In East Asia," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 112, Faculty of Economics and Business Administration, University of Tartu (Estonia).
    2. Luca Alfieri, 2021. "Heterogeneity of financial institutions in the process of economic and monetary integration in East Asia," The World Economy, Wiley Blackwell, vol. 44(4), pages 1053-1076, April.

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    More about this item

    Keywords

    Regional financial integration; East Asia; financial stability;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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