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Financial Integration and Economic Growth : Should Asia Emulate Europe?

The Asian financial crisis of 1997~1998 was the catalyst for the movement toward regional cooperation between Asian countries, having triggered the common interests and vulnerabilities among the affected nations. As a result, policymakers have resorted to financial integration to unleash their poten...

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Main Authors: Sonia Kumari, Selvarajan, Rossazana, Ab. Rahim
Format: Article
Language:English
Published: Sejong University 2020
Subjects:
HB Economic Theory
HG Finance
Online Access:http://ir.unimas.my/id/eprint/47554/1/Financial_Integration_and_Economic_Growth_Should_A.pdf
http://ir.unimas.my/id/eprint/47554/
https://www.jstor.org/stable/26891720?seq=1
https://doi.org/10.11130/jei.2020.35.1.191
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spelling my.unimas.ir-475542025-02-10T02:41:39Z http://ir.unimas.my/id/eprint/47554/ Financial Integration and Economic Growth : Should Asia Emulate Europe? Sonia Kumari, Selvarajan Rossazana, Ab. Rahim HB Economic Theory HG Finance The Asian financial crisis of 1997~1998 was the catalyst for the movement toward regional cooperation between Asian countries, having triggered the common interests and vulnerabilities among the affected nations. As a result, policymakers have resorted to financial integration to unleash their potentials. Nevertheless, this approach is still in its infancy, largely underpinned by the heterogeneity in institutional and structural characteristics of the financial systems between countries. The authorities are cautious, as there is a trade-off between liquidity of capital markets and financial/economic stability. Considering these scenarios, the present study attempts to examine the dynamic relationship between financial integration and growth in Asian regions. Specifically, this study aims to investigate the financial-growth nexus pre-crisis (1980~1995) and post-crisis (1998~2015) as well as throughout the study period (1980~2015). The results of this study show a significant financial-growth relationship pre-crisis, but the impact wanes in the post-crisis and overall time periods. The results indicate to policymakers the heterogeneous characteristics of each country and to what extent financial integration should be emulated from their European counterparts. Sejong University 2020 Article PeerReviewed text en http://ir.unimas.my/id/eprint/47554/1/Financial_Integration_and_Economic_Growth_Should_A.pdf Sonia Kumari, Selvarajan and Rossazana, Ab. Rahim (2020) Financial Integration and Economic Growth : Should Asia Emulate Europe? Journal of Economic Integration, 35 (1). pp. 191-213. ISSN 1976-5525 https://www.jstor.org/stable/26891720?seq=1 https://doi.org/10.11130/jei.2020.35.1.191
institution Universiti Malaysia Sarawak
building Centre for Academic Information Services (CAIS)
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sarawak
content_source UNIMAS Institutional Repository
url_provider http://ir.unimas.my/
language English
topic HB Economic Theory
HG Finance
spellingShingle HB Economic Theory
HG Finance
Sonia Kumari, Selvarajan
Rossazana, Ab. Rahim
Financial Integration and Economic Growth : Should Asia Emulate Europe?
description The Asian financial crisis of 1997~1998 was the catalyst for the movement toward regional cooperation between Asian countries, having triggered the common interests and vulnerabilities among the affected nations. As a result, policymakers have resorted to financial integration to unleash their potentials. Nevertheless, this approach is still in its infancy, largely underpinned by the heterogeneity in institutional and structural characteristics of the financial systems between countries. The authorities are cautious, as there is a trade-off between liquidity of capital markets and financial/economic stability. Considering these scenarios, the present study attempts to examine the dynamic relationship between financial integration and growth in Asian regions. Specifically, this study aims to investigate the financial-growth nexus pre-crisis (1980~1995) and post-crisis (1998~2015) as well as throughout the study period (1980~2015). The results of this study show a significant financial-growth relationship pre-crisis, but the impact wanes in the post-crisis and overall time periods. The results indicate to policymakers the heterogeneous characteristics of each country and to what extent financial integration should be emulated from their European counterparts.
format Article
author Sonia Kumari, Selvarajan
Rossazana, Ab. Rahim
author_facet Sonia Kumari, Selvarajan
Rossazana, Ab. Rahim
author_sort Sonia Kumari, Selvarajan
title Financial Integration and Economic Growth : Should Asia Emulate Europe?
title_short Financial Integration and Economic Growth : Should Asia Emulate Europe?
title_full Financial Integration and Economic Growth : Should Asia Emulate Europe?
title_fullStr Financial Integration and Economic Growth : Should Asia Emulate Europe?
title_full_unstemmed Financial Integration and Economic Growth : Should Asia Emulate Europe?
title_sort financial integration and economic growth : should asia emulate europe?
publisher Sejong University
publishDate 2020
url http://ir.unimas.my/id/eprint/47554/1/Financial_Integration_and_Economic_Growth_Should_A.pdf
http://ir.unimas.my/id/eprint/47554/
https://www.jstor.org/stable/26891720?seq=1
https://doi.org/10.11130/jei.2020.35.1.191
_version_ 1825166843642380288
score 13.244413

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