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Purpose – This study provides some alternative approaches to financial integration in East Asia using stock price indices and a structural VAR model. Design/methodology/approach– The model considers that the stock price indices are subjected to three types of shocks, such as global, regional, and domestic shocks. In addition, three integrating scenarios are suggested, namely Scenario A: “ASEAN + 1,” Scenario B: “Southeast Asia (ASEAN) + Northeast Asia,” and Scenario C: “simultaneous integration in East Asia. Findings– The estimation results indicate that gradational integration does not seem to be effective based on the OCA theory. Nevertheless, countries with higher levels of financial development, such as Japan, Singapore, and Hong Kong, may be desirable candidates for financial market integration at the same time (Scenario C). In some countries, gradual integration between countries with similar financial development and openness may be effective (Scenario A). The financial integration among Northeast Asian countries (Scenario B) is estimated to be inefficient. Research implications or Originality– The results of this study provide useful information about the process of promoting financial cooperation in the region, along with recommendations for the financial policies of East Asian countries.
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참고문헌 (37)
참고문헌 신청
Alesina, A. / 2002 / Optimal Currency Area
Angeloni, I. / 1999 / From the ERM to the Euro: New Evidence on Economic and Policy Convergence among EU Countries
Artis, M. J. / 1991 / One Market, One Money : An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union / Open Economies Review 2:315~321
ASEAN / 2015 / ASEAN Economic Community Blueprint 2025 / ASEAN Secretariat
Baldwin, R. / 2004 / The Economics of European Integration / McGraw Hill
Angeloni, I. / 1999 / From the ERM to the Euro: New Evidence on Economic and Policy Convergence among EU Countries
Artis, M. J. / 1991 / One Market, One Money : An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union / Open Economies Review 2:315~321
ASEAN / 2015 / ASEAN Economic Community Blueprint 2025 / ASEAN Secretariat
Baldwin, R. / 2004 / The Economics of European Integration / McGraw Hill
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