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The authors examine the real and financial integration of East Asian economies, comparing the degree of real versus financial integration, the degree of global versus regional integration, and the extent of integration before versus after the 1997/98 financial crisis in East Asian economies. They analyze price and quantity measures of integration such as the size of intra- and interregional trade, cross-border financial assets, correlation of stock returns, and interest rate differentials. In addition, they adopt a panel VAR approach of investigating cross-country output inter-dependence and consumption relation in order to infer the macroeconomic consequences of real and financial integration on East Asian economies.
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