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Korea's role in Asian integration

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  • Korea's role in Asian integration
  • Park, Young-Joon
  • Korea Economic Institute of America


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Title Korea's role in Asian integration
Similar Titles
Material Type Articles
Author(English)

Park, Young-Joon

Publisher

[Washington, D.C.]:Korea Economic Institute of America

Date 2012
Pages 20
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding KEIA

Abstract

Since the Asian financial crisis in 1997-98, financial integration in Asia has been induced by collective intra-regional initiatives. It has manifested in various aspects, including gradual financial liberalization, increasing cross-border capital flows, establishing regional financial safety nets, and developing local currency bond markets. While financial deregulation and capital account liberalization as made progress, Asian countries have experienced sudden stops or sharp capital reversals due to external shocks and currency instability. The CMIM, a regional financial safety net, plays its role as a central platform for managing regional financial arrangements. In addition to its crisis resolution function, the CMIM can also be expanded b augmenting a crisis prevention function. Moreover, the ABMI and the ABFs were intended to achieve a more efficient recycling of Asian savings into investment in the region by developing regional bond markets. (The rest omitted)