Systemic risks of asean+3 financial integration: challenges, opportunities and the future
| dc.citation.epage | 80 | |
| dc.citation.issue | 6 | |
| dc.citation.journalAbbreviatedTitle | MAP | eng |
| dc.citation.journalTitle | Online Journal Mundo Asia Pacifico | eng |
| dc.citation.spage | 63 | |
| dc.citation.volume | 4 | |
| dc.contributor.affiliation | University of Tokyo | spa |
| dc.contributor.affiliation | Lee Kuan Yew School of Public Policy | spa |
| dc.contributor.affiliation | Lee Kuan Yew School of Public Policy | spa |
| dc.contributor.author | Oropeza García, Arturo | spa |
| dc.coverage.spatial | Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees | eng |
| dc.date | 2015-06-10 | |
| dc.date.accessioned | 2019-11-28T19:31:22Z | |
| dc.date.available | 2019-11-28T19:31:22Z | |
| dc.date.issued | 2015-06-10 | |
| dc.description | There has been rapid de facto trade integration in ASEAN+3 over the past decades, and experts have noted that this leads to greater de facto financial integration. These two therefore have reinforcing effects on each other. However, this cycle brings with it systemic financial risks that could lead to balance of payments crises, capital reversals, and exchange rate variability from current account imbalances which have caused global disruptions historically. The way to keep history from repeating itself is to address these risks. The Chiang Mai Initiative Multilateralization (CMIM) is one way of doing so, by providing an insurance mechanism that can safeguard the trigger points for said crises. However, the development of de jure integration policies such as this has been slow, much slower than policies that further trade integration, posing a systemic risk. This paper clarifies the implications of this; discusses the possible reasons for this discrepancy; and provides potential solutions that will enable ASEAN+3 to speed up the process of prudent financial integration. | eng |
| dc.description | Ha habido una rápida integración comercial de facto en ASEAN + 3 en las últimas décadas, y los expertos han señalado que esto conduce a una mayor integración financiera de facto. Por lo tanto, estos dos tienen efectos de refuerzo entre sí. Sin embargo, este ciclo conlleva riesgos financieros sistémicos que podrían conducir a crisis de balanza de pagos, reversiones de capital y variabilidad del tipo de cambio debido a desequilibrios en la cuenta corriente que históricamente han causado perturbaciones globales. La forma de evitar que la historia se repita es abordar estos riesgos. La Multilateralización de la Iniciativa de Chiang Mai (CMIM) es una forma de hacerlo, al proporcionar un mecanismo de seguro que puede salvaguardar los puntos desencadenantes de dichas crisis. Sin embargo, el desarrollo de políticas de integración de jure como esta ha sido lento, mucho más lento que las políticas que promueven la integración comercial, lo que plantea un riesgo sistémico. Este documento aclara las implicaciones de esto; discute las posibles razones de esta discrepancia; y proporciona soluciones potenciales que permitirán a ASEAN + 3 acelerar el proceso de integración financiera prudente. | spa |
| dc.format | application/pdf | |
| dc.identifier.doi | 10.17230/map.v4.i6.05 | |
| dc.identifier.issn | 2344-8172 | |
| dc.identifier.uri | http://hdl.handle.net/10784/14843 | |
| dc.language.iso | eng | eng |
| dc.publisher | Universidad EAFIT | spa |
| dc.relation.isversionof | http://publicaciones.eafit.edu.co/index.php/map/article/view/2999 | |
| dc.relation.uri | http://publicaciones.eafit.edu.co/index.php/map/article/view/2999 | |
| dc.rights | Copyright (c) 2015 Chikako IWATA, Jose Ma. Luis MONTESCLAROS, Xiao QI | eng |
| dc.rights.accessrights | info:eu-repo/semantics/openAccess | eng |
| dc.rights.local | Acceso abierto | spa |
| dc.source | instname:Universidad EAFIT | |
| dc.source | reponame:Repositorio Institucional Universidad EAFIT | |
| dc.source | Online Journal Mundo Asia Pacifico; Vol 4, No 6 (2015) | spa |
| dc.title | Systemic risks of asean+3 financial integration: challenges, opportunities and the future | eng |
| dc.title | Systemic risks of asean+3 financial integration: challenges, opportunities and the future | spa |
| dc.type | article | eng |
| dc.type | info:eu-repo/semantics/article | eng |
| dc.type | publishedVersion | eng |
| dc.type | info:eu-repo/semantics/publishedVersion | eng |
| dc.type.local | Artículo | spa |