Front Matter Page
Asia and Pacific Department
Authorized for distribution by Daniel Citrin
Contents
I. Globalization of Production and Financial Integration in Asia
A. Introduction
B. Intraregional Trade Flows and Production Linkages
C. Intraregional Financial Flows
D. Intraregional Trade and Financial Integration: The Linkages
E. Concluding Remarks
References
Tables
I.1 Trade Openness
I.2 Intra-Asia Trade, 1985–2004
I.2 Intra-Asia Trade, 1985–2004
I.3 Share of Trade Growth Attributable to Sub-Regions and Rest of World
I.4 Intra-Industry Trade in the EU and Emerging Asia
I.5 Intra-ASEAN Trade
I.6. Intra-Asia Trade and Finance
Figures
I.1. Net Private Capital Flows to Emerging Markets
I.2. Asia’s Foreign Portfolio Assets and Liabilities, by Type
I.3. Asia’s Foreign Portfolio Liabilities, by Origin
I.4. EU15’s Foreign Portfolio Liabilities, by Origin
I.5. Asia’s Foreign Portfolio Assets, by Region
I.6. EU15’s Foreign Portfolio Assets, by Region
I.7. Asian Banks’ Foreign Claims, by Region
I.8. Foreign Banks’ Claims on Asia, by Origin
I.9. Foreign Banks’ Claims on ASEAN, by Origin
I.10. Foreign Banks’ Foreign Claims on EU15, by Origin
Front Matter Page
Contents
II. Role of Institutions and Markets to Foster Financial Integration and Economic Stability
A. Introduction
B. Strengthening Capital Markets
C. Building Market Infrastructures
D. Minimizing Risks
E. Removing Impediments
F. Harmonizing Rules and Practices
G. Improving International and Regional Cooperation
H. Concluding Remarks
References
Tables
II.1. Pension Fund Portfolio Allocation
II.2. Corporate Governance Ratings, 2000–2004
II.3. Examples of Local Financial Conglomerates, Selected Asian Countries
II.4. Major Financial Groups with Cross-Border Presence, Selected Asian Countries
Figures
II.1. Key Reforms to Foster Integration
II.2. Government Bonds Annual Turnover Ratios in 2005
Appendix
II.1. Key Financial Market Indicators
II.2. Regulations on Cross-Border Portfolio Investments, Selected Asian Countries
II.3. Implementing Basel II: Asia’s Intentions
II.4. Regional Compliance with Standards and Codes
II.5. Asian Regional Policy Forums
II.6. FSAP and ROSC Participation by Region
Front Matter Page
Contents
III. Regional Integration and Macroeconomic Policies
A. Introduction
B. Exchange Rate Policy
C. Monetary Policy
D. Fiscal Policy
E. Integration and Macro Policies in the Long Run
F. Concluding Remarks
References
Tables
III.1. Convergence in Asia: Maastricht Criteria
Figures
III.1. Currency Volatility in Asia
III.2. Selected Indicators of Asia’s Integration