The Shifting Sands of Capital Market Development and Integration in ASEAN
The Shifting Sands of Capital Market Development and Integration in ASEAN

Author: Michelle Dy

Publisher:

Published: 2016

Total Pages:

ISBN-13:

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The plan to develop the capital markets of the members of the Association of Southeast Asian Nations (ASEAN) traces its origins to events which transpired long before the launch of ASEAN Economic Community (AEC) project in 2003. In 1997, the ASEAN markets experienced a severe financial crisis which was partly blamed on the heavy dependence on banking institutions for access to finance. As a response, initiatives aimed at deepening the region's capital markets for it to become a viable financing alternative were adopted. This was subsequently superseded in 2003 by plans to streamline and harmonize capital market regulatory systems as part of the AEC's goal to have a freer flow of capital. After the official establishment of the AEC in 2015, the ASEAN Capital Market Integration Initiative (ACMI) is undergoing another paradigm shift with the new AEC Blueprint 2025 now placing greater emphasis on “ensuring that the financial sector is inclusive”. With the constant evolution of the ACMI agenda to keep up with external developments, it is now important to ask whether ASEAN member states have managed to keep pace or are struggling to proceed to the next stage of needed reforms. To answer this question, the chapter shall look at the country-level implementation of the capital market integration plan before and after the adoption of the AEC Blueprint 2025 in two ASEAN member states, namely: Indonesia and the Philippines. The chapter shall also identify the pressing issues each country is experiencing in its implementation efforts and recommend solutions to address it.

The Road to ASEAN Financial Integration
The Road to ASEAN Financial Integration

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2013-03-01

Total Pages: 87

ISBN-13: 9290927070

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This paper provides a summary assessment of the Association of Southeast Asian Nations (ASEAN) on the state of financial integration in the region, with inputs from the Asian Development Bank regional technical assistance project Combined Studies on Assessing the Financial Landscape and Formulating Milestones for Monetary and Financial Integration in the ASEAN. Information on the financial integration milestones blueprint that will lay out a comprehensive program to achieve ASEAN financial integration by 2015, as well as the recommended institutional and policy reforms to be implemented in 2011–2020 are discussed.

ASEAN Law in the New Regional Economic Order
ASEAN Law in the New Regional Economic Order

Author: Pasha L. Hsieh

Publisher: Cambridge University Press

Published: 2019-03-28

Total Pages: 451

ISBN-13: 1108424996

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This book provides a contextual analysis of ASEAN law and its impact on the business and commercial aspect of laws.

INTEGRATION OF FINANCIAL MARKETS IN ASEAN
INTEGRATION OF FINANCIAL MARKETS IN ASEAN

Author: Ajit Singh

Publisher:

Published: 2023-07-10

Total Pages: 0

ISBN-13: 9785953074353

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The integration of financial markets in the Association of Southeast Asian Nations (ASEAN) aims to create a seamless and efficient financial landscape across the member countries. It involves harmonizing regulations, enhancing cooperation, and promoting cross-border transactions within the region. The key objectives of the integration are to promote economic growth, attract investments, improve financial stability, and facilitate the free flow of capital within ASEAN. By integrating financial markets, ASEAN aims to create a single market for financial services, similar to the European Union's single market. To achieve this, several initiatives and measures have been undertaken: 1.Harmonization of regulations: ASEAN member countries work towards aligning their financial regulations, standards, and practices. This includes harmonizing accounting standards, disclosure requirements, and regulatory frameworks to ensure consistency and transparency. 2.Financial liberalization: Barriers to the flow of capital, such as capital controls and restrictions on foreign ownership, are gradually reduced to promote investment and encourage cross-border transactions. This allows investors to diversify their portfolios and access a wider range of investment opportunities. 3.Capital market development: Efforts are made to develop and deepen capital markets within ASEAN countries. This includes promoting the establishment of stock exchanges, bond markets, and derivatives markets, as well as enhancing market infrastructure, such as clearing and settlement systems. 4.Financial connectivity: ASEAN countries strive to enhance connectivity among their financial systems. This involves improving payment and settlement systems, promoting interoperability among financial institutions, and facilitating cross-border fund transfers. 5.Financial sector cooperation: Member countries collaborate closely on financial sector issues through forums such as the ASEAN Finance Ministers' Meeting and the ASEAN Banking Integration Framework. This cooperation helps in sharing best practices, addressing regulatory challenges, and fostering a conducive environment for financial integration. 6.Investor protection: Measures are put in place to safeguard the interests of investors in the integrated financial markets. This includes strengthening investor protection mechanisms, promoting corporate governance standards, and ensuring adequate disclosure and transparency. The integration of financial markets in ASEAN is an ongoing process and requires continuous efforts from member countries. While progress has been made, challenges such as differing regulatory frameworks, market fragmentation, and varying levels of financial development among member countries need to be addressed to achieve a fully integrated and efficient financial market in the region.

ASEAN Law in the New Regional Economic Order
ASEAN Law in the New Regional Economic Order

Author: Pasha L. Hsieh

Publisher: Cambridge University Press

Published: 2020-11-05

Total Pages: 450

ISBN-13: 9781108949293

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The fast-growing last decade of strong economic growth of the Association of Southeast Asian Nations (ASEAN) has played a critical role in Asia-Pacific regionalism and global trade. This book explores the concept of ASEAN law under the normative framework of the new regional economic order. It examines the roadmap of the new ASEAN Economic Community Blueprint 2025 by evaluating the impact of ASEAN trade agreements on domestic legislation on professional services, financial integration, investment disputes and digital trade. More importantly, it sheds light on the legal implications of ASEAN's agreements with China and India and the potential developments of mega-regional trade agreements such as the CPTPP and the RCEP. Hence, the legal analysis and case studies in the book offer a fresh view of Asia-Pacific integration and bridge the gap between academia and practice.

Latin America and the Shifting Sands of Globalization
Latin America and the Shifting Sands of Globalization

Author: Sean W. Burges

Publisher: Routledge

Published: 2016-01-22

Total Pages: 146

ISBN-13: 1317696581

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Latin America occupies an increasingly prominent position within the global political, economic and cultural consciousness, with intra-regional governance structures and multilateral processes now a key topic of interest to foreign policy and international business circles. It has become abundantly clear that outside of Latin America there is a poor understanding of how the shifting sands of regional power are impacting, not only on how regional countries fit into the global system, but also on how intra-regional relations are viewed and managed. The contributions to this collection investigate these issues, examining how changing global power dynamics are in turn impacting on national foreign policies and regional governance structures. The book focuses first and foremost on the Latin American view outwards, not the US or European view to the south. This book was originally published as a special issue of the Journal of Iberian and Latin American Research.

Asian Capital Market Development and Integration
Asian Capital Market Development and Integration

Author: Asian Development Bank

Publisher: Oxford University Press, USA

Published: 2014

Total Pages: 0

ISBN-13: 9780198099451

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The fiscal crisis in Europe continues to cast a shadow on the global economic outlook, and the securities issued by the United States and European nations are losing their status as traditional safe assets and reserve value. As a result, investors and governments are looking to diversify their investment portfolio with emerging markets, particularly Asian bonds. Such renewed interest has led to excessive capital inflows, making the region increasingly vulnerable to external shocks. However, on the other hand, it leads to abundant liquidity in the capital markets, which reduces financing costs and expands investment opportunities. This book analyses this dilemma and proposes that development of local bond markets and achieving greater market depth and interconnectedness is the best bet to prevent the reoccurrence of a currency crisis like 1997. It thus, assesses the progress achieved thus far in capital market integration in Asia, and compares it with its global peers. The study also assesses the degree to which volatility in equity and bond market returns, driven by financial turmoil originating at both the regional and global levels, spills over into emerging Asia domestic equity and bond markets. The results of this analysis indicate that such spill-over significantly impacts both domestic equity and bond markets in the region. This finding suggests that on-going regional capital market integration initiatives should take into account the risk of contagion that regional financial integration presents, and introduce measures for mitigating such risk as a means of ensuring financial stability in the region.

Emerging Asian Regionalism
Emerging Asian Regionalism

Author:

Publisher:

Published: 2008

Total Pages: 314

ISBN-13:

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As Asia grows and prospers, its economies are increasingly vital to each other -and to the world. Led by a team of ADB staff, scholars, and advisers to regional policy makers, this study highlights what is at stake the emerging Asian regionalism and lays out the ground for further discussion on how to move forward.

Doing Business 2020
Doing Business 2020

Author: World Bank

Publisher: World Bank Publications

Published: 2019-11-21

Total Pages: 241

ISBN-13: 1464814414

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Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.