Leigh, Daniel; Fabrizio, Stefania; Mody, Ashoka - International Monetary Fund (IMF) - 2009
financial market integration. Focusing on the second transition, this paper reaches three conclusions. First, by several metrics … relied on a distinctive-often discredited-model, embracing financial integration with structural change to compensate for … appreciating real exchange rates. In contrast, East Asia contained further financial integration and maintained steady or …