After a period of deepening financial integration, the financial crisis triggered a fragmentation of Europe’s capital markets along national lines. Financial integration was prone to sudden stops and capital reversals because cross-border capital flows predominantly consisted of short-term...

Sakakibara and Yamakawa analyze the patterns of East Asia's trade and foreign direct investment (FDI) from a global and intraregional perspective, taking into account the importance of trade and FDI interlinkages. They propose two regionally-focused approaches to promoting trade and FDI in East...

Intro -- Contents -- List of Abbreviations -- Acknowledgments -- Foreword -- 1 Introduction -- Part I The Forces behind Monetary Cooperation and Integration -- 2 The Instability of the International Monetary System and the Regionalization of Money -- 3 The Asian Financial Crisis -- 4 The Rise of...

This paper examines the unfolding of the US subprime-generated turmoil and its potential spillover on emerging Asia's financial systems. The subprime mortgage mess has revealed key structural weaknesses in the evolution of modern credit markets. While emerging Asian financial markets have thus...