By Kiki Verico (auth.)
Verico discusses the ASEAN monetary integration from twin views of time span (trade, funding and finance) and framework (bilateral, sub-regional, local and neighborhood plus). The paintings is a accomplished examine of the mixing within the wake of the ASEAN financial neighborhood (AEC)’s inauguration in past due 2015. interpreting a number of monetary contract degrees from the ASEAN unfastened alternate quarter (AFTA), Bilateral loose alternate contract (BFTA) and the AEC to monetary integration in ASEAN, Verico makes an attempt to envisage the way forward for ASEAN in finishing its local financial integration from exchange to funding and finance. Verico argues that, within the absence of a customs union, ASEAN needs to make the most of the open-regionalism frameworks of the ASEAN Plus One, ASEAN Plus 3, nearby accomplished fiscal Partnership and others so as to shift its financial integration point during this way.
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Extra resources for The Future of the ASEAN Economic Integration
It also found that the probability of having monopoly power is higher in domestic markets than in foreign markets. This means that foreign investors have been competing in imperfect competition under asymmetric information with local investors abroad. This is known as the “defensive investment” hypothesis. Hayakawa and Lee (2012) found that inward FDI is affected by political and financial risk and in terms of FDI inflow, political risk has more impact than financial risk. The essential part of that risk is on its change or reform not on its initial level.
They argue that most of the previous studies focused on static market entry instead of the FDI’s dynamic trends. They argue that the novelty of their research is on more details data on a country’s infrastructure, geographic proximity, sociocultural similarities, region basis offering non-tariff barriers of intra-regional trade and networking opportunities. For the host country, they found that regional dummy variable, GNP, and wage are the most significant factors that affect FDI inflows. In fact, differing from most of the previous studies that show that GNP or GDP, or GDP per capita have positive relations with FDI inflows, their research found the opposite especially in the case of Asia.
As a representation of the “custom union” effect. Their research, focused on patterns of international trade flows at regional level, involved North America, the European Union (EU), and Japan as well as investment creation. They also analyzed regional economic institutions: NAFTA for North America, the EU for the Western Europe excluding Norway and Switzerland, and ASEAN+3 for the Asian region. Poon et al. found that Africa depends more on Europe, while South America depends on North America and the Middle East depends more on Asia.
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