Why Has There Been Less Financial Integration in East Asia Than in Europe?

A collaborative project of the Institute of East Asian Studies and the Institute of European Studies, submitted for funding under the umbrella of the “New Geographies, New Pedagogies” initiative of the Institute of International Studies. | Why Has There Been Less Financial Integration in East Asia Than in Europe Barry Eichengreen and . Pempel August 2002 A collaborative project of the Institute of East Asian Studies and the Institute of European Studies submitted for funding under the umbrella of the New Geographies New Pedagogies initiative of the Institute of International Studies. In Europe one of the most striking aspects of regional integration has been the growth and integration of securities markets. European bond markets have grown explosively especially since the advent of the euro in 1999. Cross border transactions in government bonds have risen sharply with the emergence of the German bund as a benchmark asset. Bid-ask spreads in the government bond market have fallen to . levels. Corporate bond issues have doubled in less than two years and the growth of subinvestment bond issues has risen even faster than the total. The story in the commercial paper and unsecured money markets is similar the volume of outstanding commercial paper rose by a third in the 12 months ending in October 1999 alone while international banks have been able to book very large money-market deals on a crossborder basis at very fine bid-ask spreads Eichengreen 2000 . Securities markets are consolidating around London and Frankfurt which are competing for the status of Europe s dominant financial center. This rapid market integration has raised questions about the viability of Europe s traditional model of bank-based financial intermediation causing commercial and investment banks to respond with a wave of mergers and acquisitions so far mainly within national but increasingly across them as with the acquisition by Spanish banks of the leading Portuguese banking groups and by Swedish intermediaries of some leading Danish institutions . 1 In Asia in contrast regional integration has not had analogous effects in promoting financial integration. As documented in Park 2002 while regional initiatives have produced a

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