| Description |
1 online resource (43 pages) : color illustrations |
| Series |
IMF working paper, 1018-5941 ; WP/15/34 |
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IMF working paper ; WP/15/34.
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| Contents |
Cover; ASEAN: Financial Integration; I. INTRODUCTION; II. GROWTH, TRADE INTEGRATION, AND FINANCIAL INTEGRATION IN ASEAN; III. TOWARD FURTHER FINANCIAL INTEGRATION IN ASEAN; A. ASEAN: Financial Sector Liberalization: What is at Stake?; B. ASEAN: Financial Sector Liberalization: Reform Initiatives; C. ASEAN: Financial Sector Liberalization: Lessons from Europe; D. ASEAN: Capital Account Liberalization: What is at Stake?; IV. PROMOTING SAFE FINANCIAL INTEGRATION IN ASEAN; V. CONCLUSIONS; Appendix 1. Potential Capital Flows to ASEAN: The Sky is the Limit? |
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A. Capital Flows to ASEAN in a Neoclassical Growth Model Without Adjustment CostsB. The Effect of Adjustment Costs and Frictions on Capital Flows to ASEAN Countries; C. Capital Flows to ASEAN in a Model with Adjustment Costs; References |
| Summary |
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.--Abstract |
| Notes |
Authors: Geert Almekinders, Satoshi Fukuda, Alex Mourmouras, and Jian-Ping Zhou |
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"February 2015." |
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"Asia and Pacific Department." |
| Bibliography |
Includes bibliographical references (pages 41-43) |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed February 23, 2015) |
| Subject |
ASEAN Economic Community.
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| SUBJECT |
ASEAN Economic Community fast |
| Subject |
International economic integration.
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International economic relations.
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Economic development -- Southeast Asia
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Capital movements -- Southeast Asia
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Financial risk management -- Southeast Asia
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Capital movements
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Economic development
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Economic policy
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Financial risk management
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International economic integration
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International economic relations
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| SUBJECT |
Southeast Asia -- Economic policy
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| Subject |
Southeast Asia
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| Form |
Electronic book
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| Author |
Almekinders, Geert J., 1967-
|
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International Monetary Fund. Asia and Pacific Department.
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| ISBN |
1484386493 |
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9781484386491 |
|
1498314325 |
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9781498314329 |
|
