Genesis of Formation of the Regional Financial Space within the Asian Mega-Region
Journal Title: Бізнес Інформ - Year 2015, Vol 8, Issue 0
Abstract
The article is aimed at studying the stages of formation of the regional financial space within the Asian region. The article analyzes the processes of regional financial integration in Asia that unfolded after the 1997-1998 financial crisis, which fully showed the dependence of economies of the region's countries from the global financial shocks and turbulence of the tides of financial capital, as well as discredited the foreign financial advisors' recommendations regarding the financial, monetary, money-and-credit equilibrium. A characteristic of the Chiang Mai initiatives has been provided, which include, in addition to agreements on the exchange of information about capital flows, development of a region-wide system of protection from possible shocks through build-up of the total volumes of financial support in the region from 200 million up to 1 billion US-dollars, as well as extension of the inter-state ASEAN Swap Arrangements. It has been determined that financial integration in the region of Southeast Asia, as well as its influence on diversification of the national financial markets of the region's countries, is quintessentially different from the integration processes of the European continent, in terms of the mechanisms and instruments of financial convergence of the member countries of the regional communities and of its institutional-regulatory clearance. Several scenarios concerning formation of a regional financial space with participation of the countries in Southeast Asia have been proposed.
Authors and Affiliations
Alla Shlapak
Keywords
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