Cover IMF Working Papers
ASEAN Financial Integration
Author:
Mr. Gerard J Almekinders
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Mr. Alex Mourmouras
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Ms. Jianping Zhou
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Satoshi Fukudanull

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Yong Sarah Zhounull

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Series:
IMF Working Papers
Volume/Issue:
Volume 2015: Issue 034
Language:
Chinese
Publication Date:
23 Feb 2015
DOI:
https://doi.org/10.5089/9781513539430.001
ISBN:
9781513539430
ISSN:
2789-536x
Pages:
43
Keywords:
WP; ASEAN country; ASEAN capital account integration agenda; ASEAN connectivity; ASEAN member states; ASEAN nation
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it will likely be a safe, gradual process consistent with the “ASEAN way” of consensus decision-making. Properly phased and sequenced, closer financial integration has the potential to help increase real incomes and accelerate real convergence within ASEAN and narrow the region’s gap with advanced Asia. Realizing the promise of financial integration will require ASEAN countries to make long-term investments in financial infrastructure. Policymakers can draw on the experience of their more advanced peers and of other regions. Gradualism and safeguards should not be excuses for inaction or financial protectionism. Reliance on flexible policy frameworks and a strengthened and tested regional financial safety net should be part of the agenda. Closer engagement with the Fund could also help.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2015: Issue 034