219
Views
1
CrossRef citations to date
0
Altmetric
Original Articles

Heterogeneous Patterns of Financial Development: Implications for Asian Financial Integration

&
Pages 243-271 | Received 01 Nov 2015, Accepted 18 Jan 2016, Published online: 04 Mar 2016

References

  • Adnan, N. (2011). Measurement of financial development: A fresh approach. Eighth International Conference on Islamic Economics and Finance.
  • Aizenman, J., Chinn, M., & Ito, H. (2013). The ‘Impossible Trinity’ hypothesis in an era of global imbalances: Measurement and testing. Review of International Economics, 21, 447–458. doi: 10.1111/roie.12047
  • Aizenman, J., Jinjarak, Y., & Park, D. (2015). Financial development and output growth in developing Asia and Latin America: A comparative sectoral analysis. National Bureau of Economic Research, Working Paper 20917, January.
  • Aizenman, J., Pinto, B., & Radziwill, A. (2007). Sources for financing domestic capital: Is foreign saving a viable option for developing countries? Journal of International Money and Finance, 26, 682–702. doi: 10.1016/j.jimonfin.2007.04.009
  • Arcand, J. L., Berkes, E., & Panizza, U. (2015a). Too much finance? Journal of Economic Growth, 20, 105–148. doi: 10.1007/s10887-015-9115-2
  • Arcand, J. L., Berkes, E., & Panizza, U. (2015b). Too much finance or statistical illusion: A comment. Working Paper N IHEIDWP12-2015, Graduate Institute of International and Development Studies, International Economics Department, Geneva, Switzerland.
  • Athukorala, P.-C. (2014). Global production sharing and trade patterns in East Asia. In I. Kaur & N. Singh (Eds.), Oxford Handbook of the Economics of the Pacific Rim (pp. 333–361). New York: Oxford University Press.
  • Bhagwati, J. (1998). The capital myth: the difference between trade in widgets and dollars. Foreign Affairs, 77, 7–12. doi: 10.2307/20048871
  • Borensztein, E., & Loungani, P. (2011). Asian financial integration; Trends and interruptions. International Monetary Fund IMF Working Papers 11/4.
  • Cline, W. R. (2015). Too much finance, or statistical illusion? Peterson Institute for International Economics Policy Briefs PB15-9.
  • Cooper, R. N. (1999). Should capital controls be banished? Brookings Papers on Economic Activity, 1, 89–141. doi: 10.2307/2534663
  • Demetriades, P., & Law, S. H. (2006). Finance, institutions and economic development. International Journal of Finance & Economics, 11, 245–260. doi: 10.1002/ijfe.296
  • Eichengreen, B. (2003). What to do with the Chiang Mai Initiative., Asian Economic Papers, 2(1), 1–49. doi: 10.1162/153535103322022878
  • Feldstein, M., & Horioka, C. (1980). Domestic saving and international capital flows. The Economic Journal, 90, 314–329. doi: 10.2307/2231790
  • Financial Services Institute of Australasia (2015). Financial Integration in the Asia-Pacific: Fact and Fiction. FINSIA: Sydney, Australia.
  • Fung, L. K.-p., Tam, C.-s., & Yu, I,-w. (2008). Assessing the integration of Asia's equity and bond markets. In BIS Papers, No 42, Regional Financial Integration in Asia: Present and Future. Proceedings of the First Workshop of the Asian Research Network for Financial Markets and Institutions, pp. 1–37.
  • García-Herrero, A., Yang, D.-y., & Wooldridge, P. (2008). Why is there so little regional financial integration in Asia? Press & Communications CH 4002 Basel, Switzerland, 38.
  • Ghosh, A., Goretti, M., Joshi, B., Ramakrishnan, U., Thomas, A., & Zalduendo, J. (2008). Capital inflows and balance of payments pressures – tailoring policy responses in emerging market economies. IMF Policy Discussion Paper, PDP/08/2.
  • Henry, P. B. (2007). Capital account liberalization: Theory, evidence, and speculation. Journal of Economic Literature, 45, 887–935. doi: 10.1257/jel.45.4.887
  • Herwartz, H., & Walle, Y. M. (2014). Determinants of the link between financial and economic development: Evidence from a functional coefficient model. Economic Modelling, 37, 417–427. doi: 10.1016/j.econmod.2013.11.029
  • Hoxha, I., Kalemli-Ozcan, S., & Vollrath, D. (2009). How big are the gains from international financial integration? National Bureau of Economic Research Working Paper 14636.
  • Hoxha, I., Kalemli-Ozcan, S., & Vollrath, D. (2013). How big are the gains from international financial integration? Journal of Development Economics, 103, 90–98. doi: 10.1016/j.jdeveco.2013.02.003
  • Huang, D.-S., Huang, Y.-Y., & Sun, Y.-C. (2006). Production specialization and trade blocks, Journal of Economic Integration, 21, 474–495. doi: 10.11130/jei.2006.21.3.474
  • IMF (2015). Regional Economic Outlook: Asia and Pacific – Stabilizing and Outperforming Other Regions. World Economic and financial Surveys, April.
  • Kaur, I. (2014). Are the geese still flying? Catch-up industrialization in a changing international economic environment. In I. Kaur & N. Singh (Eds.), Oxford Handbook of the Economics of the Pacific Rim (pp. 395–414). New York: Oxford University Press.
  • Kaur, I., & Singh, N. (2014). Financial integration and financial development in East Asia. Millennial Asia, 5(1), 1–22. doi: 10.1177/0976399613518854
  • Kose, M. A., Prasad, E. S., & Terrones, M. E. (2009). Does openness to international financial flows raise productivity growth? Journal of International Money and Finance, 28, 554–580. doi: 10.1016/j.jimonfin.2009.01.005
  • Law, S. H., & Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking & Finance, 41, 36–44. doi: 10.1016/j.jbankfin.2013.12.020
  • Law, S. H., Azman-Saini, W. N. W., and Ibrahim, M. H. (2013). Institutional quality thresholds and the finance Growth nexus. Journal of Banking & Finance, 37, 5373–5381. doi: 10.1016/j.jbankfin.2013.03.011
  • Lee, H.-H., Park, D., & Yi, I. (2013). Impact of the global financial crisis on the degree of financial Integration among East Asian Countries. Global Economic Review, 42, 425–459. doi: 10.1080/1226508X.2013.860712
  • Lim, M.-H., & Lim, J. (2012). Asian initiatives at monetary and financial integration: A critical review. Background Paper No. 4, UNCTAD Program on the Rise of the South and New Paths of Development in the 21st Century, March.
  • Obstfeld, M. (2009). International finance and growth in developing countries: What have we learned? IMF Staff Papers, 56(1), 63–111. doi: 10.1057/imfsp.2008.32
  • Ostry, J. D., Ghosh, A. R., Chamon, M., & Qureshi, M. S. (2012). Tools for managing financial-stability risks from capital inflows. Journal of International Economics, 88, 407–421. doi: 10.1016/j.jinteco.2012.02.002
  • Ostry, J. D., Ghosh, A. R., Habermeier, K. F., Laeven, L., Chamon, M., Qureshi, M. S., & Kokenyne, A. (2011). Managing capital inflows: What tools to use? International Monetary Fund IMF Staff Discussion Notes 11/06.
  • Park, C. Y., & Lee, J.-W. (2011). Financial integration in emerging Asia: Challenges and prospects. ADB Working Paper Series on Regional Economic Integration, No. 79, http://hdl.handle.net/11540/2031.
  • Pongsaparn, R., & Unteroberdoerster, O. (2011). Financial integration and rebalancing in Asia. International Monetary Fund, IMF Working Papers 11/243.
  • Rajan, R. G., & Zingales, L. (2003). The great reversals: The politics of financial development in the twentieth century. Journal of Financial Economics, 69(1), 5–50. doi: 10.1016/S0304-405X(03)00125-9
  • Rey, H. (2013). Dilemma not trilemma: The global cycle and monetary policy independence. Proceedings – Economic Policy Symposium – Jackson Hole.
  • Rodrik, D. (1998). Who needs capital-account convertibility? In Should the IMF Pursue Capital-Account Convertibility. Essays in International Finance, 207, Princeton University.
  • Saci, K., Holden, K. (2008). Evidence on growth and financial development using principal components. Applied Financial Economics, 18, 1549–1560. doi: 10.1080/09603100701720286
  • Sahay, R., Cihak, M., N'Diaye, P., Barajas, A., Pena, D. A., Bi, R., Gao, Y., Kyobe, A., Nguyen, L., Saborowski, C., Svirydzenka, K., & Yousefi, R. (2015). Rethinking financial deepening: Stability and growth in emerging markets. International Monetary Fund IMF Staff Discussion Notes 15/8.
  • Schularick, M., & Taylor, A. M. (2012). Credit booms gone bust: Monetary policy, leverage cycles, and financial crises, 1870-2008. American Economic Review, 102, 1029–1061. doi: 10.1257/aer.102.2.1029
  • Stiglitz, J. E. (2003). Globalization and its Discontents. New York: Norton.
  • World Bank (2013). Global Financial Development Report 2013: Rethinking the Role of the State in Finance. Washington, DC: World Bank.
  • World Bank (2014). Global Financial Development Report 2014: Financial Inclusion. Washington, DC: World Bank.
  • Yang, T.-H., & Huang, D.-S. (2014). Multinational enterprises, foreign direct investment, and the East Asian economic integration. In I. Kaur & N. Singh (Eds.), Oxford Handbook of the Economics of the Pacific Rim (pp. 415–440). New York: Oxford University Press.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.