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Real and Financial Integration in East Asia

机译：东亚房地产与金融一体化

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摘要

This paper examines the real and financial integration of East Asian economies, by comparing the degree of real vs financial and global vs regional integration, before vs after the Asian crisis. First, price and quantity measures such as the size of intra- and inter-regional trade, cross-border financial assets, stock return correlation, and interest rate differentials are investigated. Second, the structural panel vector autoregression (VAR) model is constructed to analyze macroeconomic consequences of real and financial integration such as cross-country output and consumption relation. The results suggest that (i) the degree of real integration significantly increased after the crisis, both regionally and globally; (iii) quantity and price measures showed an increased financial integration after the crisis, but the consumption relation did not; (iv) the degree of regional financial integration is smaller than that of global financial integration, based on the consumption relation; and (v) financial integration lags real integration, especially for regional integration.
机译：本文通过比较亚洲危机之前和之后的实际与金融，全球与区域一体化的程度，研究了东亚经济体的实际和金融一体化。首先，研究价格和数量指标，例如区域内和区域间贸易的规模，跨境金融资产，股票收益率相关性和利率差异。其次，构建结构面板向量自回归（VAR）模型来分析实际和金融一体化的宏观经济后果，例如跨国产出和消费关系。结果表明：（i）危机后，区域和全球范围内的真正一体化程度大大提高； （iii）危机后，数量和价格措施显示出金融一体化的增强，但消费关系却没有； （iv）基于消费关系，区域金融一体化程度小于全球金融一体化程度； （v）金融一体化滞后于真正的一体化，特别是在区域一体化方面。

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  • 来源
    《Review of international economics》 |2012年第2期|p.332-349|共18页
  • 作者

    Soyoung Kim; Jong-Wha Lee;

  • 作者单位

    Seoul National University, Gwanak-Gu, Seoul 151-742, Republic of Korea.;

    Korea University, Sungbuk-Gu, Seoul 136-701, Republic of Korea.;

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