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Costs and Benefits of Economic Integration in Asia$
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Robert J. Barro and Jong-Wha Lee

Print publication date: 2011

Print ISBN-13: 9780199753987

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199753987.001.0001

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Asian Financial Integration: Trends and Interruptions

Asian Financial Integration: Trends and Interruptions

Chapter:
(p.53) 3 Asian Financial Integration: Trends and Interruptions
Source:
Costs and Benefits of Economic Integration in Asia
Author(s):

Eduardo Borensztein

Prakash Loungani

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199753987.003.0003

This chapter compares trends in financial integration within Asia with those in industrialized countries and other regional groups. Declines in cross-country dispersion in equity returns and interest rates suggest increased Asian integration, with the process interrupted by crises and global volatility. Cross-border equity and bond holdings have also increased, but Asian countries remain considerably more financially integrated with major countries outside the region than with those within the region. The chapter also discusses whether potential benefits of regional financial integration, such as increased risk-sharing and stability of the investor base, have materialized.

Keywords:   financial integration, convergence, equity premia, interest rates, home bias, risk sharing, dispersion in consumption, dispersion in GDP growth, local investor behavior, foreign investor behavior

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