Economic Integration in Asia and India by Masahisa Fujita

By Masahisa Fujita

Within the movement of globalization on this planet economies, the neighborhood monetary integrations which were progressing institutionally within the european and Americas are actually considerably below method between international locations in Asia, together with Japan, Korea, China and the ASEAN nations. India has additionally taken steps at the passage in the direction of monetary integration. India's full-scale participation within the Asian industry will have an effect on different East Asian international locations, which in flip also will have manifold affects on India. This publication goals to set off a much wider exam of Asian financial integration.

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Sources: Trade data from IMF, Direction of Trade Statistics; GDP data from World Bank Global Development Finance (GDF)/World Development Indicators (WDI). 16 Average annual growth rate 1994–2004 (%) Homi Kharas, Enrique Aldaz-Carroll and Sjamsu Rahardja 17 emerging East Asia had more rapid growth of exports than the world average. Consequently, the export/GDP ratio in emerging East Asia (one measure of ‘openness’) has grown substantially to around 41 per cent, a level which places it above most other areas in the world including the EU.

Appendix 3: test for equity market integration The approach used to test for equity market integration is similar to what Beale et al. (2004) and Bekaert et al. (2005) have done where each country return is assumed to react to expected component and news. However, this note differs from the previously mentioned study in terms of defining the external factors that drive the expected and unexpected (news) components. Using this approach we can then investigate the degree of integration of equity markets in East Asia towards regional or global markets.

A second integration measure is the variance ratio used by Ng (2000) and Beale et al. (2004). This measure looks at the proportion of the total variance of equity returns volatility (given by equation (2-5)) explained by the variance of each news component. 9 show a strong influence of regional news on domestic equity returns. The size of the coefficients suggests that for some countries the degree of integration is as high as exists in the Euro area, as quoted by Beale et al. (2004). 015 Note: Before crisis is prior to 01 July 1997, after crisis is after 13 July 1999.

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