Measuring the extent of regional economic integration in East Asia : the sum of its parts?
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2011
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Cavoli, T.
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No single measure of real or financial integration sufficiently captures all of the salient characteristics of the extent of integration between individual economies and of economies within particular regional groups. This paper employs various measures in order to assess the stylised facts around bilateral and regional real and financial integration for the ASEAN5 and the large industrial Asian countries for the period 2000-2009. By using many measures, one should be able to achieve two objectives. The first is to capture many of the main attributes of integration in order to further provide insight into the integration landscape in East Asia. The second is to investigate which individual measure drives the overall level of integration and, in doing so address the question of what might be the possible sources of integration between countries in the region. This has significant policy implications about how to best target policies of the liberalisation in both trade and financial markets as well as informing the ongoing debate about optimal currency areas (OCA) and a possible monetary union in Asia.
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Copyright [2011] Tony Cavoli. Not for distribution without permission of author(s).