A book will be published, composed of chapters drawn from a collection of rigorous background papers suitable for journal publication. The book will comprise three major sections. The first section will empirically measure the degree of regional versus global financial integration and document the progress of regional financial integration in emerging East Asia amid the rapidly globalizing financial landscape. The second section will compile studies on the dynamics and interaction between regional financial integration and financial globalization, and analyze the driving factors behind these two distinct forces of financial integration. The third section will provide the policy implications of findings from the first two sections, including the benefits, if any, of taking a regional approach to financial market integration over a global approach.
|Project Name||Global and Regional Financial Market Integration|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Knowledge solutions
|Sector / Subsector||
Public sector management / Economic affairs management
|Gender Equity and Mainstreaming|
|Description||A book will be published, composed of chapters drawn from a collection of rigorous background papers suitable for journal publication. The book will comprise three major sections. The first section will empirically measure the degree of regional versus global financial integration and document the progress of regional financial integration in emerging East Asia amid the rapidly globalizing financial landscape. The second section will compile studies on the dynamics and interaction between regional financial integration and financial globalization, and analyze the driving factors behind these two distinct forces of financial integration. The third section will provide the policy implications of findings from the first two sections, including the benefits, if any, of taking a regional approach to financial market integration over a global approach.|
|Project Rationale and Linkage to Country/Regional Strategy||Regional integration in Asia Pacific is gaining momentum. The Asian Development Bank (ADB) adopted the Regional Cooperation and Integration (RCI) strategy on 25 July 2006 to support various regional initiatives for closer economic and financial ties across the region. In relation to regional economic and financial integration, three major studies have been undertaken in recent years including the: (a) Monetary and Financial Integration in East Asia in 2004 implemented under RETA 6000: Study on Monetary and Financial Cooperation in East Asia (b) Asian Economic Cooperation and Integration: Progress, Prospects and Challenges in 2005 under RETA 6172: High Level Conference on Asia s Economic Cooperation and Integration and (c) Emerging Asian Regionalism: A Partnership of Shared Prosperity in 2008 under RETA 6374: Emerging Asian Regionalism: Ten Years After the Crisis. All of the above studies helped identify key areas for closer cooperation, namely, information exchange and surveillance, resource management, exchange rate and monetary policy, and financial sector reform and development assessed progress since the 1997 98 financial crisis and provided policy guidance in some cases with more detailed road maps for further actions. And most recently, another RETA on Quantifying the Costs and Benefits of Regional Economic Integration is proposed to estimate the costs and benefits of regional economic integration to help the region s policymakers make more informed decisions in regional integration efforts. This study will attempt to answer questions such as: (a) what is the implication of financial globalization for regional financial market integration (b) is there a need for balancing the regional efforts for financial market integration with the trend of financial globalization and (c) if there is, how can policymakers harmonize their efforts for regional financial market integration with financial globalization Taking stock of the previous studies in regional economic and financial integration, this study will start by empirically measuring the degree of regional vs. global financial integration. Then it will assess if there is additional benefit of taking a regional approach to financial market integration over a global approach. Assessing the benefits of regional financial integration versus financial globalization should help identify the reasons why regional financial integration has been lagging in Asia.|
|Impact||Well-informed and balanced view of regional versus global financial integration that will ultimately lead to greater financial resilience and stable growth in the emerging East Asia region|
|Description of Outcome||Enhanced understanding of the process of regional financial integration vis-a-vis financial globalization, while providing policy lessons to a wide range of ADB's developing member countries|
|Progress Toward Outcome|
|Description of Project Outputs||
Two or three midterm seminars and one finalization workshop to present revised papers and findings for comments
Background papers covering empirical estimates of the degree of regional versus global financial integration, dynamics and interactions between regional financial integration and financial globalization, and assessment of benefits of taking a regional versus global approach to financial integration.
A book comprising chapters drawn from the results and policy recommendations of the background papers
A book launch to disseminate the papers' findings
|Status of Implementation Progress (Outputs, Activities, and Issues)|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
|Consulting Services||International consultants (individual consultants): 3 Macro Financial Economist and Lead Coordinator Researcher for Chapter on Regional versus Global Financial Integration (3.5 person months (PMs) total, intermittent) 3 Macro Financial Economists for Chapter on Dynamics of Regional Financial Integration and Financial Globalization (3.5 PMs total, intermittent) 1 Macro Financial Economist for Policy Paper (2 PMs, intermittent) 1 2 Economics Editor (2.5 PMs total) Domestic Consultants (individual consultants): 1 Project Coordinator (12 PMs) 1 Events Coordinator (2 PMs) 1 copy editor (2.5 PMs) 1 desktop publisher (2 PMs)|
|Responsible ADB Officer||Hoe Yun Jeong|
|Responsible ADB Department||Office of Regional Economic Integration|
|Responsible ADB Division||Office of Regional Economic Integration|
Asian Development Bank
Hoe Yun Jeong
6 ADB Avenue, Mandaluyong City 1550, Philippines
|Concept Clearance||23 Oct 2008|
|Fact Finding||11 Mar 2009 to 25 Mar 2009|
|Approval||09 Mar 2009|
|Last Review Mission||-|
|PDS Creation Date||04 Dec 2008|
|Last PDS Update||04 Dec 2008|
|Approval||Signing Date||Effectivity Date||Closing|
|09 Mar 2009||-||09 Mar 2009||30 Sep 2010||28 Feb 2014||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|750,000.00||0.00||0.00||0.00||0.00||0.00||750,000.00||09 Mar 2009||642,450.65|
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