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Financial integration in Asia : Development and Korea's role

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  • Financial integration in Asia
  • Park, Young-Joon
  • Korea Economic Institute of America


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Title Financial integration in Asia
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Sub Title

Development and Korea's role

Material Type Report
Author(English)

Park, Young-Joon

Publisher

Washington DC, U.S. : Korea Economic Institute of America

Date 2012
Series Title; No Korea's economy / vol. 28
Pages 8
Subject Country South Korea(Asia and Pacific)
Language English / Korea
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding Korea Economic Institute of America
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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 follows, establishing regional financial safety nets, and developing local currency bond markets. While financial deregulation and capital account liberalization has 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, play its role as a central platform for managing regional financial arrangements. In addition to its crisis resolution function, the CMIM can also be expanded by 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. Gathering regional momentum, Korea’s role as an honest broker for further financial institutional integration is important especially in 2012 as a co-chair country of ASEAN+3.