of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base … head and shoulders above other regions in terms of financial integration. More interesting is that Asia already seems to …, and greater transparency that lead to larger and better developed financial systems in Asia, something that is conducive …

Asia's underdeveloped bond markets and dependence on bank finance have been topics of concern since the crisis of 1997 … characteristics and macroeconomic and financial policies account fully for differences in bond market development between Asia and the … rest of the world. Once one controls for these characteristics and policies, in other words, there is no residual Asia …

financial flows and to its institutional initiatives, not just in Asia but around the world. The other is that the renminbi will … play a regional role in Asia equivalent to that of the euro in greater Europe. Proponents of this view argue that China has … in developing regional institutions. Asia, they argue on these grounds, will become the natural habitat for the renminbi …