By Masahisa Fujita
Within the circulate of globalization on the earth economies, the neighborhood monetary integrations which were progressing institutionally within the european and Americas are actually considerably less than approach between nations in Asia, together with Japan, Korea, China and the ASEAN nations. India has additionally taken steps at the passage in the direction of financial integration. India's full-scale participation within the Asian industry will impact different East Asian international locations, which in flip also will have manifold impacts on India. This ebook goals to set off a much wider exam of Asian fiscal integration.
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The regressions are run for 1994 and 2004 which allows us to also examine if the three countries’ intraregional bias has changed over the period. Results are presented in Appendix 2. The distance data are taken from Rose (2004), GDP and GDPCAP are taken from the World Bank World Development Indicators and imports are taken from COMTRADE. The regression results show all the key variables have their expected signs and significance. The sum of the coefficients on GDP and GDP per capita is typically greater than one, indicating that trade grows more than proportionately with economic growth.
They run their regression for all East Asian countries simultaneously and employ one East Asian dummy for the whole region. They find that the East Asia dummy has a positive significant coefficient for parts and components, as in our regressions, but a negative and significant coefficient for final goods. East Asia’s parts and components trade is concentrated in a few economies. China has led the way, both as an importer (for final assembly) as well as an exporter. 73 Notes: Robust standard errors in brackets.
7 shows, countries in East Asia have seen high shares of capital coming from other East Asian countries as well as from Japan. China’s high share of FDI from the region, as well as the growing share of other middle-income countries, is noteworthy. East Asia’s position as a destination for FDI has strengthened over the years, becoming the second-largest FDI recipient in 2004 after the European Union, with over $130 billion received. 9 billion). 7 National agencies; registrations or approvals in some cases; World Bank (2004a).