Asian Financial Integration ─ Impacts of the Global Crisis and Options for Regional Policies

In the wake of the global financial crisis, Asia is leading the global recovery with strong economic growth. However, this book argues that, in the coming years, the region will need to play a much more active role in shaping the future global financial system and, in turn, suggests policy strategies for doing so.

Asian Financial Integration explores the lessons we can learn from Asia’s experience during the global financial crisis in terms of the future direction of the region’s economic policy and the challenges posed by the opening and deepening of its financial markets. The contributors deal with a number of crucial questions, including what Asia should learn from the crisis, especially with regards to financial innovation and regulation; whether global imbalances are a result of policy distortions or a natural outcome of global division of labour; what are the lessons and implications from the financial market reform and liberalization experiences of some of the region’s major economies; and what should Asia do to promote regional financial integration, particularly with regards to currency integration.

This book will be welcomed by students and scholars interested in Asian economics and international economics, as well as by policy-makers working in the field.

Yiping Huang is Professor of Economics and Deputy Dean of the National School of Development at Peking University and an Adjugant Professor at the Crawford School of Public Policy at the Australian National University.

Shiro Armstrong is a Senior Research Fellow at the Crawford School of Public Policy at the Australian National University and Director of the East Asian Bureau of Economic Research, as well as the co-editor of the East Asia Forum.