SPECIAL ISSUE
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Ahmed Jaseem, Sundararajan V.
    Regional Integration of Capital Markets in ASEAN
    in Global Journal of Emerging Market Economies , Volume 1, Number 1, January ,  2009 ,  87-122
    Efforts to promote regional economic cooperation and integration in South-East Asia and particularly in the Association of South-East Asian Nations (ASEAN) countries, have received greatly increased emphasis in official circles since the Asian crisis of 1997–98. South-East Asian financial integration with the world is well advanced by various measures; but they appear to have become more integrated with countries outside the region than within the region. Regional integration of private capital markets have shown limited progress. This was caused by several factors, including: (i) the large differences in the levels of market development; (ii) the lack of convergence of regulations and rules governing markets; (iii) differences in the extent to which the measures, to enable and benefit from greater regional integration, are incorporated into their national development plans; (iv) prevalence of exchange restrictions and intra-regional exchange stability considerations that hinder integration; and finally (v) the missing markets, in derivatives or in key regionally-focused products, hinder both domestic market development and regional integration. These considerations call for a comprehensive strategy which includes liberalising capital account and portfolio restrictions, implementing a process of mutual recognition of various cross-border transactions in products and services, supported by harmonisation of relevant rules and regulations. This also includes strengthening and coordinating exchange governance and market surveillance arrangements, initiating work on an ‘ASEAN Equity Network’ to link equity markets. This facilitates implementation of the ongoing bond market integration initiatives, promoting new products and intermediaries to develop ASEAN as an asset class. It refines plans for domestic capital markets development to incorporate regional integration objectives and establishes stronger coordination arrangements at the ASEAN level to support the initiatives in the above areas.
    ©2001 - 2020 - Centro Studi sul Federalismo - P. IVA 94067130016