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Cover -- ASEAN: Financial Integration -- I. INTRODUCTION -- II. GROWTH, TRADE INTEGRATION, AND FINANCIAL INTEGRATION IN ASEAN -- III. TOWARD FURTHER FINANCIAL INTEGRATION IN ASEAN -- A. ASEAN: Financial Sector Liberalization: What is at Stake? -- B. ASEAN: Financial Sector Liberalization: Reform Initiatives -- C. ASEAN: Financial Sector Liberalization: Lessons from Europe -- D. ASEAN: Capital Account Liberalization: What is at Stake? -- IV. PROMOTING SAFE FINANCIAL INTEGRATION IN ASEAN -- V. CONCLUSIONS -- Appendix 1. Potential Capital Flows to ASEAN: The Sky is the Limit? -- A. Capital Flows to ASEAN in a Neoclassical Growth Model Without Adjustment Costs -- B. The Effect of Adjustment Costs and Frictions on Capital Flows to ASEAN Countries -- C. Capital Flows to ASEAN in a Model with Adjustment Costs -- References

From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level?the pendulum of financial integration and fragmentation?and at the micro level?the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking u