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China, Asia, and the New World Economy$
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Barry Eichengreen, Yung Chul Park, and Charles Wyplosz

Print publication date: 2008

Print ISBN-13: 9780199235889

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199235889.001.0001

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Regional and Global Financial Integration in East Asia 1

Regional and Global Financial Integration in East Asia 1

Chapter:
(p.168) 7 Regional and Global Financial Integration in East Asia1
Source:
China, Asia, and the New World Economy
Author(s):

Soyoung Kim

Jong‐Wha Lee

Kwanho Shin

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199235889.003.0007

This chapter assesses the progress of regional and global financial integration in East Asia. The chapter is organized as follows. Section 7.2 analyzes the data on geographical distribution of international portfolio assets and bank claims for East Asia compared to that for Europe, in order to judge the degree of regional and global asset diversification of East Asia. A gravity model of bilateral financial asset holdings is adopted to formally test if East Asian financial markets are relatively less integrated within the region than in global markets, particularly compared with ones in Europe. Section 7.3 introduces the empirical framework on consumption risk-sharing, and estimates the degree of regional and global consumption risk-sharing for East Asia and Europe. Section 7.4 discusses several hypotheses for the low degree of regional financial integration in East Asia.

Keywords:   financial integration, international portfolio assets, bank claims, gravity model, risk-sharing

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