Name:

EighaApr
il
iaS

St
udentnumber:
16312086

I
nmanyway
s,t
heseenhancement
sandaddr
essi
ngt
heweaknessesnot
edf
rom t
he
Asi
anFi
nanci
alCr
isi
spr
ovi
dedacer
tai
ndegr
eeofr
esi
l
iencef
ort
heASEANcount
ri
es
whent
heGl
obalFi
nanci
alCr
isi
sof2008hi
tthedev
elopedmar
ket
s.Thei
mpactont
he
f
inanci
alsy
stem oft
hecount
ri
eswi
thi
nther
egi
onwasf
air
lycont
ained.Butcl
ear
lyt
he
economi
cconsequenceoft
hegl
obal
slowdownwasf
elti
nthesemar
ket
s.

I
nthecaseofASEAN,al
thoughsi
gni
fi
cantef
for
tswer
emadet
owar
dsaddr
essi
ng
weaknesses i
n sev
eralar
eas wi
thi
nthe economy and f
inanci
almar
ket
s,t
he
phenomenalgr
owt
hrat
esofChi
naand I
ndi
acompl
etel
ychanged t
hecompet
it
ive
l
andscapef
ort
hesecount
ri
es.I
nasense,t
hev
aluepr
oposi
ti
onof
fer
edbyASEAN i
s
obv
ious.

I
t’
sar
egi
onwi
thast
rat
egi
cgeogr
aphi
calf
oot
pri
ntwi
thi
ntheAsi
a-Paci
fi
c,di
ver
se
member
shi
pofdev
elopedcount
ri
es,emer
gingmar
ket
sandl
essdev
elopedcount
ri
es.
ASEANcapi
tal
mar
ket
s,f
ori
nst
ance,
arest
il
li
ndi
vi
dual
l
ysmal
lfort
hemai
npar
t,andt
he
r
ange of pr
oduct
s and openness wi
thi
n ASEAN r
emai
ns l
ow.Thi
sthr
eat of
mar
ginal
i
sat
ionhasact
edasacat
aly
stf
orgr
eat
ercapi
tal
mar
keti
ntegr
ati
oni
nASEAN.

Ther
efor
e,r
egi
onali
ntegr
ati
ont
hatal
l
owsf
orgr
eat
ercr
oss-
bor
deraccesst
oinv
est
ors
andi
ssuer
sregi
onal
l
yandgl
obal
l
ycanhel
pbr
oadent
hei
nvest
orbaseandr
angeof
pr
oduct
s,t
her
ebyst
rengt
heni
ngdomest
iccapi
talmar
ket
sandpr
ovi
dest
hel
i
qui
dit
y,
scal
eandcapaci
tyt
ocompet
egl
obal
l
y.

Undert
heScheme,i
ssuer
sseeki
ngt
oissueequi
tyordebtsecur
it
iesi
nmor
ethanone
ASEANcount
rywi
l
lber
equi
redt
opr
epar
eonl
yonesetofdi
scl
osur
edocument
s,wi
th
addi
ti
onall
i
mit
edwr
apar
oundf
ormul
ti
-j
uri
sdi
cti
onof
fer
s.I
ntegr
ati
onwi
l
lal
sohast
en
t
hedev
elopmentoft
hel
essdev
elopedcapi
talmar
ket
sint
her
egi
onast
heyar
eabl
eto
benef
itf
rom t
heexper
iencesoft
hemor
edev
elopedASEAN mar
ket
sandaccel
erat
e
t
hei
radopt
ionofi
nter
nat
ionalst
andar
ds.Ther
eist
her
efor
east
rongcasef
orASEANt
o
st
epupi
tsi
ntegr
ati
oni
nit
iat
ives.

I
mpl
ement
ati
onPl
an,
isf
aci
l
itat
ingmor
ecr
ossbor
derf
lows,
openi
ngmar
ket
stopl
ayer
s
f
rom ot
herASEANcount
ri
es,
andext
endi
ngr
eacht
oabr
oaderi
nvest
orbase.

I
ntegr
ati
onf
orASEAN,
asar
ti
cul
atedi
ntheACMF(ASEANCapot
alMar
ketFor
um)
.The
ASEANappr
oachi
sthr
oughapr
ocessofcr
eat
ingenabl
i
ng-
condi
ti
onsf
orcr
oss-
bor
der
access.namel
ytheASEAN.

2006Leader
s’summi
ttobr
ingf
orwar
dtheest
abl
i
shmentofanASEAN Economi
c
Communi
tyt
o 2015 f
rom 2020 and t
otr
ansf
orm ASEAN i
ntoar
egi
on wi
thf
ree
mov
ementofgoods,
ser
vices,
inv
est
ment
,ski
l
ledl
aborandf
reerf
lowofcapi
tal
.

1i
nit
iat
ivet
hatwaschampi
onedbyt
heExecut
iveMeet
ingofEastAsi
aandPaci
fi
c

Thi
sini
ti
ati
vei
sthef
ir
stcol
l
abor
ati
veef
for
tamongstt
heexchangesundert
heASEAN
umbr
ell
ausi
ng FTSE’
sint
ernat
ional
l
yrecogni
sed i
ndexdesi
gnmet
hodol
ogy
.These
i
ndi
cesar
edesi
gnedt
ogi
vei
nvest
orsaccesst
otheASEANmar
ket
smaj
oremer
ging
pl
ayer
sint
hegl
obal
mar
ketpl
aceandpr
esentnewoppor
tuni
ti
es.

Thev
astdi
spar
it
yindev
elopment
,soci
o-economi
candf
inanci
alst
abi
l
ityr
equi
rement
s
suggest
sthatpol
i
cy obj
ect
ives ar
eli
kel
ytov
ary and t
hatt
her
eis a need t
o
accommodat
eeconomi
cdi
ver
sit
y.Ont
hisnot
e,somemar
ketpl
ayer
sar
eoft
hev
iew
t
hatdomest
icmar
ket
sshoul
dbei
ntegr
ati
ngwi
tht
her
estoft
hewor
ldr
athert
hanwi
thi
n
ASEAN.

Ashi
ghl
i
ght
edbyDrSur
inPi
tsuwan

Thi
srequi
resanef
fect
ivecommuni
cat
ionpl
ant
oar
ti
cul
atet
heobj
ect
ivesandbenef
it
s
ofASEANcapi
talmar
keti
ntegr
ati
on.Ont
hesur
face,
thedi
spar
it
ywi
thi
nASEANi
scl
ear
,
asev
identbyt
hepr
esenceofcapi
talcont
rol
sandexchanger
est
ri
cti
ons,di
ff
erencesi
n
t
axr
egi
mes,unev
endev
elopmentandpor
tfol
i
orest
ri
cti
onsoni
nst
it
uti
onali
nvest
ors.
Compoundi
ngmat
ter
sfur
therar
ethedi
ff
erencesi
npr
oductr
ange,par
ti
cul
arl
ythel
ack
ofder
ivat
ivesmar
ket
sorofr
egi
onal
l
yfocusedpr
oduct
sinmanyj
uri
sdi
cti
ons.