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This chapter attempts to present the rationale for integration of regional financial and capital markets in East Asia, the Asian Bond Fund-2 (ABF-2), and the way forward toward further integration.
Today, the world's attention seems to be focused on the global imbalance; the growing current account deficit of the United States (US), and, on the opposite side, the current account surplus of Asia. Both phenomena are considered unsustainable, and countries are urged to cooperate to help the unwinding of this imbalance in an orderly way.
Emerging countries in Asia have not always enjoyed current account surplus positions, however. They all have long ...