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Financial Liberalization and Integration in the APEC Region: Performance and Comparison with Chile and the European Union

The paper examines the growing financial integration in the APEC region; reviews the theoretical and analytical perspectives on financial liberalization and integration; discusses the East Asian, Chilean and European Union experiences; and draws lessons and insights on the macroeconomic management of the risks and opportunities of financial liberalization and integration. Clearly, the policy question is not one of “to integrate or not to integrate” but rather to define a strategy of financial integration, so as to manage the risks and optimize the benefits from financial integration. The contrasting experiences of the European Union, Chile and East Asia provide lessons and implications for the choice of the strategy of financial integration in the country and the region.


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