Economic Integration in ASEAN+3: A Network Analysis

Author(s): Thi Nguyet Anh Nguyen, Thi Hong Hanh Pham and Thomas Vallée
Source: Journal of Economic Integration , June 2016, Vol. 31, No. 2 (June 2016), pp.
275-325
Published by: Center for Economic Integration, Sejong University

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 • •

Ē lei
Journal of Economic Integration Ē^ ^
Vol.31 No.2. June 2016, 275-325
http://dx.doi.org/10. 1 1 130/jei.20 16.3 1.2.275

Economic Integration in ASEAN+3

: A Network Analysis
Thi Nguyet Anh Nguyen
LEMNA, Institute of Economics and Management , University of Nantes, Nantes, France
Faculty of Business Management, National Economics University, Hanoi, Vietnam

Thi Hong Hanh Pham

LEMNA, Institute of Economics and Management, University of Nantes, Nantes, France

Thomas Vallée
LEMNA, Institute of Economics and Management, University of Nantes, Nantes, France

Abstract

This paper analytically and graphically explores the characteristics of ASEAN+3 's trade
and Foreign Direct Investment integration over the 1990~2012 period by applying the
tools of network analysis. Our results find evidence that the degree of trade and Foreign
Direct Investment integration varies among ASEAN+3 member countries over the
observation period. Second, ASEAN+3 's intra-regional trade network seems to be more
densely connected than its intra-regional Foreign Direct Investment network. Third,
we reveal that large and/or advanced countries seem to be better linked and form a sub-
regional bloc of tightly connected economies only in terms of export absolute value.
Therefore, ASEAN+3 has been experiencing a widening gap in the trend and patterns
of intra-regional trade and Foreign Direct Investment among its member countries at
different levels of economic development.

* Corresponding Author: Thi Nguyet Anh Nguyen; LEMNA, Institute of Economics and Management, University of Nantes, Chemin
de la Censive du Tertre, BP 52231, 44322 Nantes Cedex 3, France ; Tel: +33 750992379, Fax: +33 24014 1749, E-mail: thi-nguyet-anh.
nguyen 1 @uni v-nantes. fr.
Co-authors: Thi Hong Hanh Pham; LEMNA, Institute of Economics and Management, University of Nantes, Chemin de la Censive du
Tertre, BP 52231, 44322 Nantes Cedex 3, France ; Tel: +33 647962675, Fax: +33 24014 1749, E-mail : thi-hong-hanh.pham@univ-nantes.fr.
Thomas Vallée; LEMNA, Institute of Economics and Management, University of Nantes, Chemin de la Censive du Tertre,
BP 52231, 44322 Nantes Cedex 3, France ; Tel: +33 240141772, Fax: +33 24014 1749, E-mail : thomas.vallee@univ-nantes.fr.

© 201 6-Center for Economic Intégration, Sejong Institution, Sejong University, All Rights Reserved. pISSN: 1225-65 IX eISSN: 1976-5525

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JEL Classification
Keywords: Trade,

I. Introduction

Southeast Asian countries formed a political, economic, and cultural alliance on

August 8, 1967, called the Association of Southeast Asian Nations (ASEAN)'. Since
its establishment, ASEAN has promoted an open-regionalism principle to ensure trade
liberalization among its member countries and enhance trade and investment integration
with particular non-members. Based on the principle of open market economy and a
rule-based system, ASEAN has become a dynamic trade zone and an important region
for foreign investors to place their real and portfolio investments.

Apart from the initiatives given above, ASEAN has also committed to the extension
of the ASEAN Free Trade Area (AFTA) to non-member countries. According to
ASEAN members, who are opposed to the direct Bilateral Free Trade Agreement (BFTA)
between an individual member country and a non-member country, this extension of
AFTA through an ASEAN+X framework model has been the best way to strengthen
ASEAN's regional cooperation with non-members. The ASEAN countries' economic
performances in the last decade explain the attractiveness of the ASEAN+X framework
and the willingness of non-members countries to join it. (Verico 2013, Kusnadi and
Sitorus 2014). Besides, the member countries comprise the third largest population in
the world, after China and India, which means that ASEAN possesses an important
potential market demand and a large potential productive labor supply. In addition,
the comparative advantages among ASEAN countries may allow development of
complementary production networks in Southeast Asia. In other words, these features
allow ASEAN to expand its regionalism to other Asian countries and then to establish
BFTAs with non-member countries to expand its economic cooperation. Among several
ASEAN cooperative frameworks (notably ASEAN+1's, ASEAN+6) ASEAN+3, which
covers ten ASEAN member states and three East Asian countries (China, Japan and
Korea), has been considered as the most successful model of the ASEAN+X framework

' The five ASEAN founding members are Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Membership has now
extended to include Brunei Darussalam, Laos, Cambodia, Myanmar, and Vietnam.

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(Kawai and Wig
represents the la
to financial coop
Asian region th
diversion. Still, a
the ASEAN or t
The present pap
in ASEAN+3 by
employed in the
(Fagiolo et al. 20
in demonstrating
and a link indicat
Fagiolo et al. (20
international e
interactions am
authors also ind
order relations
relationships. Fu
of network analy
globalization, gro
Employing a ne
is to advance ou
through the con
the countries th
investigate whe
empirical study a
best of our kno
presented in th
analyze the inves
flows among AS
The remainder o
literature on n
integration pro
methodological a
VI provides the c

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II. Network

Since long time ag

as a network (Rau
perspective, the tr
described by a link
Considering trade
between the count
network analysis ha
relations. In a semi
theories of differen
model of the world
military interventio
this model, Snyd
periphery network
(1992) use a quantit
1965, 1970, and 19
identify the roles o
change both in the
countries. This cha
(ii) a reduction of
peripheral countri
(2002) focus on the
analysis for longit
findings can be dr
between 1959 and
decentralized over
regional density an
the concept of glob
trade data over th
aspects of the inte
of interest, severa
The architecture o
the topology of th

278

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measur

countr
and inf
at mea
the ne
of a co
networ
its hum
to asse
the str
employ
some in
wherea
centra
betwee
a subse
trade s
import
the exi
questio

or the
integra
of som
partne
(WTO)
played
well as
differ
goods
while B
exporti
also co
to the
econom
apart f

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weighted network a
integration. The aut
international financ
financial integratio
somewhat lower for
et al. (2007), Kali a
to explain stock ma
is amplified if the
an affected countr
network. The autho
explanation of finan
Overall, the exis
international trade
of network analysis
world level. Theref
network structure
the present paper
analysis to gain a be
FDI flows.

III. ASEAN+3 Integration

We begin with a discussion on the globalization level of each country in ASEAN+3.

It is noteworthy that globalization can be interpreted as manifold dimensions. As
defined by Dreher et al. (2008), globalization includes three dimensions: economic
2 3 4

global
introd
The K

2 Econom
that accom

3 Social g

4 Politica

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 • •

among actor
including peo

Figure 1.

(Note) KOF inde

covers the econ
(Source) Authors

In Figure 1,
over the 1970
the heterog
experienced a
to remain con
low economi
This is probab
in countries w

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Table 1. Share of ASEAN+3's trade flows

(%)

Exports Imports

Year ASEAN ASEAN+3 ASEAN ASEAN+3

... East Asia East Asia ... East Asia ... East Asia
... World or,
& or, Pacific cD World
c & „ Pacific .c & „„Pacific
Pacific
D .a & 0 D .c ...
n Pacific c World

1980 3.7 i 25.5 ļ 12.8 | 88.4 j 3.4 j 26.2 ¡ 12.9 ¡ 90.7

1990 4.3 I 25.3 j 13.3 j 78.7 I 4.2 j 29.7 j 14.2 j 80.8
2000 5.7 j 27.4 j 16.7 j 80.9 j 5.2 j 32.1 | 16.1 | 80.7
2005 6.1 j 24.8 j 20.4 j 83.1 j 5.6 j 30.2 j 18.4 | 81.6
2010 6.5 j 22.2 j 25.0 j 85.3 | 6.0 j 28.1 ļ 21.2 j 82.3
2013 6.7 i 21.3 j 26.9 j 85.8 j 6.2 j 26.3 j 23.6 | 82.9
(Source) Authors' computation from WDI data.

We now turn our attention to ASEAN+3 integration in terms of both trade and
FDI flows at the regional level. In fact, ASEAN+3 has long enjoyed a market-driven
expansion of trade and FDI. Over the past two decades, the region's trade and FDI
have expanded rapidly. As shown in Table 1, ASEAN+3's exports rose from 12.8% o
the world total exports in 1980 to 26.9% in 2013, whereas its imports expanded from
14.2% to 23.6% during the 1990-2013 period. ASEAN+3 has also played a central rol
in regional trade integration. In 2013, the share of ASEAN+3 in regional exports and
imports reached 85.8% and 82.9%, respectively.

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 • •

Economic Int

Table 2. Share of ASEAN+3's FDI inflows

(%)

FDI inflows FDI outflows

ASEAN ASEAN+3 ASEAN ASEAN+3

Year

... ,, East Asia ... ,, East Asia ... ,, East Asia ... ,, East Asia
... Worid ,, & Pacific ... World ,, & Pacific World ... ,, & Pacific ... Worid ,, & P

1980 4.4 j 47.9 j 9.2 j 54.0 | - j - | - ļ

1990 6.3 j 43.3 ļ 14.6 j 64.5 j - j - ¡ - j
2000 1.8 j 14.6 j 12.1 j 49.8 j - j - j - j
2005 3.2 j 22.2 j 14.2 j 89.6 j 1.4 | 19.0 | 7.4 j 99.4
2010 5.8 j 19.7 j 29.3 j 75.5 j 3.5 ļ 23.9 | 14.5 j 68.6
2013 7.4 j 20.5 | 36.1 | 78.3 j 3.6 j 15.9 j 22.4 j 81.9
(Source) Authors' computation from WDI data.

ASEAN+3 has also been the most important FDI destination. FDI flows in
ASEAN+3 more than doubled from 14.6% of the world total FDI inflows in 1990

to 29.3% in 2010 and reached its peak of 36.1% in 2013, whereas outward FDI o
ASEAN+3 considerably increased from 7.4% to 22.4% of the world total outflows over
the 2005~2010 period.

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Table 3. Structure of ASEAN+3 trade activities

(% of total trade flows)

2000

Partners Export Import Export Import Export Import

Intra-ASEAN 22.8 i 21.1 j 25.3 ļ 24.5 j 28.2 ļ 2
Extra-ASEAN 77.2 j 78.9 j 74.7 | 75.5 j 71.8 j 7
China
Japan 12.3 j 18.8 ! 11.2 j 14.1 11.1 j 10.8
Korea

(Source) Authors' computation from ASEAN Secretariat

ASEAN+3's global expansion of trade has b

concentration of trade activities. As reporte
significantly characterized by trade flows b
intra-regional exports as a share of ASEAN'
to 28.2% in 2010, while intra-ASEAN impo
the same period. In addition, trade flows b
and South Korea have also experienced a subst
which can probably be attributed to the estab

Table 4. FDI sources of ASEAN+3

(% of total inward FDI)

Country sources 2005 2006 2007 2008 2009 2010

Intra-ASEAN 10.0 j 13.9 j 12.7 j 20.1 j 13.8 j 16.1

Extra-ASEAN 90.0 j 86.1 j 87.3 j 79.9 j 86.2 j 83.9
China 1.5 j 1.8 j 2.3 j 4.0 j 10.9 j 3.8
Japan 16.3 j 18.4 j 11.7 j 8.8 j 9.8 j 11.0
Korea 1.3 j 2.2 j 3.6 j 3.4 j 3.5 j 4.9
EU 27.7 j 23.6 j 24.6 j 14.9 | 23.9 | 22.3
US 7.9 j 5.4 j 11.0 j 7.5 ļ 10.7 j 11.3
(Source) Authors' computation from ASEAN Secretariat.

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 M"^-'"ASIAN-3"A^

In contrast with intra-regional concentration of t

ASEAN+3's inward FDI come from both intra-
4 shows that firms from the major industrializ
ASEAN. Indeed, multinational firms from the E
(US), and Japan provided around 40% of the to
2005~2010 period. On the other hand, firms fr
to invest in other member countries. For instan
20.1% in 2008 and then dropped to 16.1% in 201
Overall, the recent share of intra- ASEAN FDI f
ASEAN FDI flows.

According to Kawai and Wignaraja (2007), several factors can explain the expansion
of trade and FDI among ASEAN+3 economies. First, ASEAN+3 economies have
pursued trade and investment liberalization as part of their outward-oriented trade and
FDI policies within the multilateral framework. Second, investing in ASEAN+3 allows
multinational firms to expand their production networks and supply chains throughout
this dynamic region. Third, improving physical and digital connectivity and developing
logistics support services in East Asia over the past two decades have reduced trade
costs of conducting cross-border business and, thus, encouraged trade and investment
activities in the region. Fourth, the remarkable economic growth of China, the largest
emerging market, has also been considered as an important factor contributing to closer
economic linkages among ASEAN+3 member countries.
In sum, since 2000, ASEAN+3 has experienced remarkable growth in terms of
exports and inward FDI. However, the degrees of intra-regional trade and FDI integration
have been heterogeneous (see Appendix 1). For instance, the share of intra-ASEAN
exports to Gross Domestic Produce(GDP) in Cambodia increased from 11.75% to
21.67% during the 2000-2013 period, while this figure in Singapore rose from 81.67%
to 88.75% during the same period. Moreover, Appendix 1 also shows that Singapore
has the most favorable effect in the region, with the highest ratio exports and in-ward
FDI by GDP. In contrast, the plus three countries (China, Japan, and South Korea) have
lower ratios because of their supply roles in ASEAN+3. Regarding the Cambidia, Laos,
Myanmar and Vietnam (CLMV), these members have remained FDI receivers and have
gradually increased their intra-regional exports.

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IV. Methodo

In this paper, to ac
that have been wide

A. Intensity in

According to Iapa
simpler approach t
are measured by a
benchmark. Iapadr
to assess possible h
as core-periphery
allow investigation
relatively more bet
(inter-regional trad
Trade intensity ca
advantage index de
as follows:

S.. T.. IT.

I = - - = -n - - m
v w J u vi;
ij wj WW

where is a partner country j' s share of the repor

its share of the word trade, T is the total bilateral tr

partner country j, T.w is trade between reporting

between country j and the world, and 7^ is the total w
Contrary to the abundant literature on the trade
theoretical foundation for the FDI intensity. Conse
FDI relationship, we reuse the idea of a bilateral tr
FDI intensity indices as follows:

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 SF TF . / TF
IF = - ,J- = - 'L
'j = - WF. - TF./
ij WJ WW

where SF is a partner country y' s share of the rep

its share of the word FDI, TF is total FDI flows betw

country j, TF.w is FDI flows between reporting coun

between country y' and the world, and TF is the tot
To calculate the FDI intensity, we use FDI sto
reasons. First, FDI stocks represent the long-term
home country, whereas FDI flows represent the a
in the case of small countries. Second, the value
flows, is positive in almost all cases. By contrast,
case of disinvestment, in which the value of FD
task. According to Iapadre (2006), the traditiona
as formularized above suffer from some limitatio
indices is not homogeneous across a region and i
neutrality threshold, and (ii) it is difficult to interp
indices. To resolve these problems, Iapadre (2006)
another indicator, namely the bilateral Revealed
the member countries of a region. This index is

bilateral intensity index (HIJ and the complemen

(HEJ:

( S.. T.. / T.
IJĪ

ij v T jT
ij oj ow
(3)
1 -S
HE =

" l-V..
'J

where 7' is trade flows between the rest of the word (excluding country /) and
country j and Tm is trade flows between the rest of the world and the world. Based on the

values of HI., and HE:j, the RTP index is given as follows:

RTP.. = {HI ~ HE.) (HI +HE.) (4)

ij ij ij ij if

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The RTP index var

equal to zero in the
this index is perfe
size. The authors al
trade within a regio

RTP = (HI -HE. ) (HI +HE. ) (5)

ir ir ir ir ir

On the other ha

preference indic
calculate the rev

RXP. -RMP
RTLir=

The index allows de

member country in a

B. Weighted ne

Network analysis is
data. De Benedictis
information on the
relationship between
We consider the AS
binary trade matrix
number of links. By
weighted network a
bilateral relations an
and FDI networks ar
ASEAN+3 trade and
to every other node (o

To gain a better un
use a broad set of c

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 -

literature (F
approach, wh
or unweigh
connected a
a specific r
into four m
ii) closeness
betweenness
nodes, and
to how imp
this paper,
centrality -
between tw
Third, there
Finally, in t
of exports a
stocks of FD
moreover, i
of productio

1. Degree

Degree cent
binary netw
node. In a w
according to

In a given n

the trade adj

countries an
the two cou
trade partne
a.. > 0 if the
centrality of

C=
D IJ
yN a.. (7)

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Because of the dep

nodes in a network
to De Benedictis et

CD as follows:

N TjN a
D (AM)

This indicator ranges from 0 to 1, implying that the closer the degree centrality is to 1,

the more a country is directly connected to the rest of the network. In a directed network,

we distinguish in-degree centrality and out-degree centrality. In our case, the out-
degree centrality is the total number of countries to which country i exports its products,
whereas the in-degree centrality is the total number of countries that export their products

to country i:

f yN
N _Z-ļjļLi
Z-ļjļLi aaij
D-°u, (//-I)
1 (9)
Y" a.
N _ Ájj^i a. ji
- Dm (N-l)

The ratio of these two indicators indicates the relative connectivity of a c

terms of inflows (with a ratio greater than 1) or outflows (with a ratio smaller t
Normalizing the number of links in Equation (7) by the total number of link
network gives the following measures:

í a
D-out J

W
p
yN a..
_ Jl
k C D-in _ I

In a weighted network, we can also determine the strength centrality (C ) with respect
to trade volumes between two countries as follows:

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 íN5T _ w U (U
¿-ijjii y,Np _w ij
s-out _ - (^-i) ^s-ou, "vy _
(11) and * (12)
y w.. I y* w
N _ J' „/> _ *-j*i ß
. s->" _ (N-i) { s-" _ y y w • a

where w is, for example, the exports or the exports by GDP from

w.. is the imports of country i from country j, and X, Xy wu = X,

and out-strength by total network trade. In general, the degree and

take into consideration the direct links of a node and its nearest ne

the position of a node in the network's structure.

2. Eigenvector centrality

The eigenvector centrality index, introduced by Bonacich (1

importance of a node in terms of its connection to other central no
2014). It assigns relative scores to all nodes in the network based
connections to high-scoring nodes contribute more to the score
than equal connections to low-scoring nodes. Mathematically, the
of country i is defined as the sum of the centrality of its neighbor

In an undirected network with adjacency matrix A, the measur

follows:

Cß=X'%atjCE{j) (13)
In a directed network, we can also distinguish
-hub centrality: this indicator allows determination of the hig
which is the key exporter or investor in the network:

CE-Huß =ß^jaü CE-auJj") <14>

-authority centrality: this indicator allows determination of the high authority score
country, which is the key importer of the main destination of investment in the network:

Y.j'.CsJJ) (15)

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Overall, we use the

network in terms of

V. Results

In this section, we report and analyze the results of this network analysis of trade
and FDI integration in ASEAN+3. To calculate all network analysis indicators listed
above, we collect our panel data from different international data sources: UN Comtrade,
Organization for Economic Co-operation and Development (OECD), ASEAN, and
United Nations Conference on Trade and Development (UNCTAD).

A. Trade integration

As mentioned above, we used a network analysis to study the structure of trade

integration in ASEAN+3. Appendix 2 reports the trade intensity indices. We also report
the values of trade balance to compare the role of each ASEAN+3 member country in
regional trade system and the world trade system. First, looking at ASEAN's Revealed
Trade Leadership (RTL) indices, Singapore, Thailand, Malaysia, and Indonesia can
be seen as intra-regional local suppliers because their intra-regional trade leadership is
positive, especially over the 1990-1997 period. By contrast, small and less-developed
countries, such as Cambodia and Lao, have been considered as intra-regional export
hubs. Interestingly, Malaysia has experienced a downward trend in intra-regional trade
introversion since the country is exporting more to the world and becoming an export
hub in ASEAN. For instance, since 1998, Malaysia's RTL value has been slightly
negative, while its trade balance with the world has been significantly positive.
Second, the participation of China, South Korea, and Japan has influenced the picture
of intra-regional trade relations. China and Japan have been important intra-regional
export hubs but played a relevant role in supplying goods and services to the rest of the
world (except in the case of Japan over the 2011-2013 period). Over the 2011-2013
period, we also observe that South Korea, which was an intra-regional export hub,
turned into a local supplier due to opposite change in its intra-regional import and export

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preferences. Re
maintains its ro
the other hand, a
preferences of m
dropped due to t

The patterns o
centrality indi
ASEAN+3 main
Therefore, we o
in Equation (11).
centralities are
average flow of J
respectively, ov
indices, ranking
network. Furthe
over the observat
as the weights f
countries in the
played a central
cases. Unsurprisin
2006 because of
3.B, when takin
Japan appear mu
respectively, but

Japan are the ma

ASEAN+3. There
imports, are the
from that of AS
ones concerning
countries, foun
also maintained
of Singapore in
3.B and Figure 2
central importe
in terms of absol

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the country also ex

degree measure and
position in the Tr
which, however, te
for Indonesia, it mo

oriented one, in th
centrality indices,
only played a periph

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 • •

Economic Int

Figure 2. Evol

(Source) Authors' creati

The core-peripher
weighted eigenvec
ASEAN+3 countries
ASEAN+3 economic
in Appendix 4.A a
eigenvector centrali
Again, two storie

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• •

T T Vol.31 No.2, June 20

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Using the absolute v

hub, and authority
calculations are mad
country size. As exp
Japan is ranked first
connected to all oth
value of normalized
with Japan, the most
is ranked third, conf
other central count
positions in the netw
2006, with the offic
role. By contrast, sm
far behind China, as
eigenvector index, A
indices describing t
exporters, whereas co
this regard, Japan p
Korea, and Singapor
Korea triangle domin
The results on auth
not change the main
as measured by their
Korea, no longer exp
hubs only for region
and Brunei Darussal
Cambodia, Lao PDR,

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 Figure

Expo

Expo

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• •

T 7 Vol.31 N0.2, June

http://dx.doi.org/10. 11

Exports net

Bru

Myanmar

Viesim LaoiPDR

Exports by GDP network (2000)

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- ,

Export

Export

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• •

ļ LS ļ Vol.31 N0.2, Jun

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Exports net

Philippines

Exports by GDP network (2013)

Indonesia

i
(Note) The size of the lin
year. For example, the
a more important incr
of the trades with Sin
Singapore, Indonesia an
direction that should be

(Source) Authors' creati

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Apart from the
visualized throu
member countr
and labeled with
between two cou
trade relationsh
1995, 2000, 200
in intra-regiona
implementation o
of peripheral co
shows that in 1
and Thailand - w
the ASEAN trad
from the centra
important dista
regional trade in
notably, Japan,
seems to dominat

B. FDI integ

As mentioned in
analysis to inves
FDI intensity in
regional FDI inte
Brunei Darussa
member countr
preference are
are ASEAN regi
ASEAN since bo
Second, there is
instance, intra-
the outward FDI
results confirm

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 • •

T 7 Vol.31 No.2, June

J http://dx.doi.Org

suppliers, as the pr
We now turn our
the expansion of
shown in Table 4,
inward FDI prefer
the extension of ASEAN seems to have altered the structure of FDI introversion in

East Asia. First, the participation of China, South Korea, and Japan in the ASEAN+X
framework model has modified the position of some ASEAN countries in the regional
FDI mapping. For instance, instead of being a main FDI supplier in ASEAN, Thailand
has become a FDI destination in ASEAN+3. Second, the newcomer countries, China in
particular, have become the main rivals of ASEAN countries in attracting intra-regional
FDI. Third, China can be seen as an FDI hub in ASEAN+3, which could be explained by
the fact that the larger host country's market may be associated with higher FDI due to
larger potential demand and lower costs due to scale economies.
While the results of intensity indices allow evaluation of the tendency of intra-
regional FDI, those of centrality indices are used to assess whether FDI connectivity
in the network is evenly distributed. To begin with, we report the degree centrality
measures in Appendix 6, in which we distinguish between weighted and unweighted
networks. The first index is degree centrality measuring how well connected a country
to the rest of the ASEAN+3 network. We find that in terms of both inward and outward

FDI, large and/or advanced economies are ranked in the higher positions. Among
others, Singapore has attained the best place in the network. In contrast with advanced
countries, developing countries appear less connected to the system due to their less open
economies. On the other hand, Appendix 6 shows that the FDI position of each country
in ASEAN+3 does not change much over the time (except in the case of South Korea).
The second index is strength centrality, which weights the FDI links according their
value in current US dollars. Appendix 6 draws a slightly different picture about FDI
positions in the ASEAN+3 network. In terms of inward FDI, China has maintained the
first rank throughout the observation period, followed by Indonesia over 2001-2006
and by Singapore over the recent period. On the other hand, Japan and Singapore play
a central role in supplying FDI flows to the ASEAN+3 network. In addition, we also
reveal that the most important FDI flows are mainly transferred between large and/or
advanced member countries. In other words, small and less-developed countries are only
considered as satellites in the regional FDI network.
Consideration of the weighted network as measured by the stock of FDI by GDP

302

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does not change
asymmetric pos
one in in-degree
strongly impacte
ASEAN+3 region
GDP. Singapore
The last set of
Appendix 7B, as
influence of eac
confirm that the
or advanced econ
as strong when
ones (Appendix
connected but als

contrast, develop
Cambodia, Lao P
Singapore is the
Eigenvector ce
decomposition all
network. Unsurp
is the most imp
released by OEC
for foreign inv
and economic gr
the infrastructu
markets, (v) ins
China's position
value. After Ch
Indonesia, have
recipients. Lookin
FDI network, f
Singapore moved
ASEAN+3 's FDI n
important suppli

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• •

T ļ Vol.31 N0.2, June

J http://dx.doi.Or

Figure 4. Evol

FDI networ

V^Bam-^r,

FDI by GDP

Indonesia

Phili§)(rra~ / C^mgKlia

Vielņanr^^^

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- ^

FDI netw

PhMgni

BfMpel

^ ^ ^ " rWyaòníar
' ^-"taoiPDR
Vietnam- ^

FDI by GDP network (2006)

W elodia

Vtatnam-^^^

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• •

J Vol.31 No.2, June 2

J http://dx.doi.Or

FDI networ

fi

tei Di^issaiar^ «iL

V'eŘQam^^

FDI by GDP network (2012)

Philigtaes

nei Darussalam- . ?

•J/^ ,' "/ " Myapmar

"v'' ; j/jáoféVR
•«"•' Vienam

(Source) Authors' creati

306

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Eigenvector cen
The width of th
FDI. As displaye
the central role
on one side, and
and Singapore)
dominated by la
appear to stand
an open questio
reduce the inequ
a high level of F
countries, notab
This means that
Finally, when co
facts can be hig
out measures (ou
strongly negativ
Within the fina
meaning that A
network. Such
the absolute va
hub (inversely,
asymmetry in th
degree and in-d
mainly an expor
the difference be
the country is m
Appendix 8, no c
This implies tha
and an exporter
which is clearly
both goods and
region. By cont
Although Japa
outside the regio

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 • •

ļ ļ Vol.31 No.2, June 2

J http://dx.doi.org

ASEAN+3 countrie
South Korea is opp
and as a provider
exporter of goods t

Figure 5. Spec
(In network rankings) (In the year 2012)

Bru íei Darussalam

'S LaoPDR
% Myanmar

if

Cambodia ,
•S Thiiland j ^ • - Cambodia
®

£ Korea Ī Janpan
£ Indonesia L Thailand
S • Ind(Miesia
E Vietnam
Cfl

^ . «China "10 irk

♦ Jaipan

-15 -10 -5 0 5 10 15

Asymmetry

• FDI/GDP ♦E

(Source) Authors' creation.

VI. Conclusion

The present paper has investigated the properties of ASEAN+3 's economi
integration by using both weighted and unweighted network analysis. To the best of
our knowledge, this paper is also the first to employ the network approach to study FDI

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integration issu
provides a numbe
First, the leve
countries over t
is more densely
standard statisti
also the second- a
world or in a spe
provide evidence
and FDI network
at networks in
experienced a w
among member
can be regarded
Asia. However,
only among larg
not complement
integration in f
Indonesia, and M
Japan). A set of
ASEAN+3 policy
agreements to r
poorly connected
ones (central co
with the rest of

To conclude, ou
the literature b
economic integra
In other words,
to address speci
of ASEAN+3 's e
future research.

Received 15 Dec

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 • •

/ 7 Vol.31 No.2, June

J Iittp://dx.doi.org/

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Appendix 1.A:

Intra - ASEAN+3 export by GDP

Exports by GDP (%)

Country 1990-1997 1998-2005 2006-2010 2011-2013

Brunei Darussalam 71.54 44.96 49.90 52.82

Cambodia 6.50 j 11.75 15.58 21.67

Indonesia 13.09 17.38 13.90 12.89

LaoPDR 8.49 10.83 19.54 26.23

Malaysia 39.44 49.57 46.70 44.56

Myanmar 6.25 13.92 14.24 10.89

Philippines 8.23 19.62 16.51 13.01

Singapore 62.44 81.67 97.51 88.75

Thailand 14.00 26.39 31.27 33.48

Vietnam 17.17 j 21.22 24.79 ļ 32.54

Plus 3

China 11.04 j 10.83 10.46 9.30

Japan 2.75 j 3.79 6.27 j 6.58

Korea 9.12 ļ 12.89 17.42 22.84
(Source) Author's calculation from Asian Development Bank Data.

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7 T Vol.31 No.2, June 20

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Appendix 1.B:

Intra - ASEAN+3

In-ward FDI s

Country 2001-2006 2007-2012

Brunei Darussalam 0.56 1.17

Cambodia 17.81 j 32.09

Indonesia 0.00 6.83

LaoPDR 4.12 24.96

Malaysia 0.00 12.82

Myanmar 10.86 12.14

Philippines 6.07 4.00

Singapore 26.31 29.48

Thailand 14.50 j 22.72

Vietnam 5.00 11.60

Plus 3

China 5.09 3.09

Japan 0.06 j 0.27

Korea 1.95 3.17

(Source) Author's calcula

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Appendix 3.A: Tr
(Expo

I 1990-1997 I 1998-2005
Country

n-O

Bru
Ca
Ind
LaoPDR 6.82 | 13 | 25.54 | 13 | 10.95 j 13 j 85.80 j 13
Malaysia 2,181.13 j 5 j 2,679.15 j 4 | 3,603.64 j 5 j 4,136.91 j 5
Myanmar 44.87 j 11 I 116.82 j 11 ! 110.12 ! 11 ! 196.23 j 10
Philippines 426.23 j 8 j 855.67 j 8 j 1,179.28 | 8 ļ 1,811.18 j 8
Singapore 3,158.96 j 2 j 3,849.24 ļ 2 ļ 5,596.99 j 3 j 5,021.33 ļ 4
Thailand 1,412.85 j 7 j 2,107.35 j 6 ļ 2,592.02 ļ 7 | 2,920.31 | 6
Vietnam 187.67 j 9 j 305.49 ļ 9 | 631.78 j 9 j 1,010.23 | 9
China 2,767.77 | 4 j 2,413.49 j 5 j 7,960.26 j 2 j 8,156.67 ¡ 2
Japan 7,915.29 ļ 1 ļ 6,111.64 j 1 j 11,390.39 | 1 j 10,014.26 j 1
Korea 2,815.25 | 3 | 3,014.34 | 3 j 5,581.44 j 4 j 5,637.21 ļ 3
2006 - 2010 I 2011-2013
Country

n-O
Bru
Ca
Ind
LaoPDR 56.83 ! 12 i 172.42 ! 13 i 191.26 i 13 j 424.94 ! 13
Malaysia
Myanmar 329.12 j 11 j 460.41 ! 11 ! 588.65 ! 11 ! 1,158.
Philippines 1,864.76 ! 8 ! 3,206.95 | 9 j 2,340.38 j 9 j 4,69
Singapore 13,431.71 j 3 ļ 9,941.89 j 4 ¡ 17,065.32 ! 4 j 12,80
Thailand 6,148.57 j 6 ! 6,421.43 j 7 ! 9,323.44 j 7 j 10,186
Vietnam 1,811.87 ! 9 j 3,691.17 I 8 I 3,911.22 j 8 j 7,493
China
Japan

Korea

(Source) Authors' creation.

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 ^

Appendix 3.B: Trade

(Export

I 1990-1997 I 1998-2005
Country

n-O

Bru
Cambodia 0.45 j 12 ļ 0.05 | 12 0.30 j 13 ļ 0.12 j 10
Indonesia 4.09 j 7 | 0.54 | 7 1.45 j 8 ! 1.47 | 7
LaoPDR 0.27 j 13 j 0.02 j 13 0.59 j 10 j 0.04 j 13
Malaysia 15.64 j 4 j 2.13 j 4 3.50 j 3 j 2.78 j 3
Myanmar 0.81 j 11 j 0.09 j 11 1.18 j 7 ļ 0.11 ļ 11
Philippines 2.86 j 8 j 0.39 j 8 1.39 j 6 j 0.70 j 9
Singapore 22.07 j 2 j 2.80 i 2 5.73 j 1 ļ 2.95 ļ 5
Thailand 17.51 j 3 ļ 2.24 j 3 1.88 j 4 j 2.60 ļ 4
Vietnam 1.27 j 10 i 0.16 ļ 9 1.57 j 5 ļ 0.64 ļ 8
China 5.72 j 6 j 0.91 j 6 0.51 j 11 ļ 2.73 j 2
Japan 54.21 j 1 j 7.06 ļ 1 0.31 j 12 j 6.69 ļ 1
Korea 10.62 I 5 j 1.52 j 5 0.89 j 9 I 1.94 16
2006-2010 2011-2013
Country

n-O

Brunei Darussalam 4.40 i 2 j 0.06 j 13 4.84 j 2 j 0.08 j 13

Cambodia 0.44 j 13 j 0.21 ļ 10 0.91 j 11 j 0.28 i 10
Indonesia 1.12 j 9 ļ 2.92 j 4 1.07 j 8 j 2.35 ļ 6
LaoPDR 1.01 j 10 ļ 0.06 ļ 12 1.93 j 6 ļ 0.10 ļ 12
Malaysia 3.52 j 3 ļ 2.60 ļ 6 3.43 j 3 ļ 2.37 ļ 5
Myanmar 1.36 j 6 ļ 0.11 ļ 11 0.96 j 9 ļ 0.16 ļ 11
Philippines 1.17 j 8 ļ 0.74 ļ 9 0.94 j 10 ļ 0.64 j 9
Singapore 7.06 j 1 i 2.62 ļ 5 5.97 j 1 ļ 2.34 ļ 7
Thailand 2.33 j 4 ļ 3.07 ļ 3 2.55 j 4 ļ 2.94 j 3
Vietnam 1.95 j 5 ļ 0.97 ļ 8 2.53 j 5 j 1.46 j 8
China 0.54 j 11 j 4.72 ļ 2 0.45 j 13 j 6.04 j 2
Japan 0.46 j 12 j 6.19 j 1 0.49 ļ 12 j 6.40 j 1
Korea 1.29 j 7 i 2.37 i 7 1.70 i 7 i 2.61 I 4

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 • •

T "J Vol.31 N0.2, June

J http://dx.doi.Org

Appendix 5: FDI i

Revealed inward Revealed outward Revealed FDI

Country stock preference stock preference leade

2001-2006 I 2007-2012 1Õ01~2006 I 2007-2012 2001-2006 |

ASEAN I I
Brunei Darussalam -0.74 -0.65 0.94 0.93 0.84 0.79

Cambodia 0.90 j 0.81 -0.75 j 0.37 -0.82 ļ -0.22

Indonesia -1.00 j 0.17 0.16 | 0.89 0.58 j 0.36
LaoPDR 0.14 | 0.83 -0.14 j 0.79 -0.14 j -0.02
Malaysia -1.00 | 0.36 -1.00 j 0.61 0.00 | 0.15
Myanmar 0.79 j 0.78 0.00 j 0.00 -0.40 j -0.39
Philippines 0.43 | 0.04 -1.00 j -0.17 -0.72 j -0.11
Singapore -0.13 j -0.28 0.88 | 0.31 0.51 j 0.55
Thailand 0.52 j 0.59 0.92 j 0.92 0.20 j 0.16
Vietnam 0.23 j 0.26 0.00 | 0.00 -0.11 | -0.13
ASEAN+3

Brunei Darussalam -0.75 -0.52 0.73 j 0.69 0.74 0.60

Cambodia 0.93 j 0.95 -0.93 j -0.35 -0.93 j -0.65
Indonesia -1.00 j 0.25 0.18 j 0.88 0.59 j 0.32
LaoPDR 0.49 j 0.98 -0.36 | 0.65 -0.42 j -0.20
Malaysia -1.00 ļ 0.32 -1.00 j 0.35 0.00 j 0.01
Myanmar 0.50 j 0.72 0.00 | 0.00 -0.25 | -0.36
Philippines 0.96 ļ 0.93 -1.00 j -0.30 -0.98 | -0.62
Singapore 0.71 | 0.59 0.70 | 0.69 -0.01 j 0.05
Thailand 0.95 j 0.97 0.73 j 0.80 -0.11 j -0.09
Vietnam 0.78 | 0.91 0.00 j 0.00 -0.39 j -0.45
China 0.75 j 0.54 -0.62 j -0.70 -0.69 j -0.62
Japan -0.23 j 0.16 0.06 j 0.09 0.15 | -0.03
Korea 0.92 j 0.93 0.69 | 0.46 -0.12 | -0.23
(Source) Authors' creation.

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 -

Appendix 6

Unweigh

Country 2001-2006 I 2007-2012

n-Outdegree Rank n-Indegree Rank n-Outdegree Rank n-

Brunei 0.17 10 0.18 13 0.24 11 j 0.25 13

Cambodia 0.08 ļ 13 j 0.57 ļ 4 0.24 ļ 10 j 0.58 ļ 6
Indonesia 0.51 j 6 j 0.39 ļ 9 0.53 ļ 8 j 0.54 j 7
LaoPDR 0.17 j 11 j 0.22 ļ 12 0.17 | 13 ļ 0.33 | 11
Malaysia 0.47 j 7 j 0.42 ļ 8 0.72 ļ 6 | 0.50 ļ 10
Myanmar 0.14 j 12 ļ 0.31 ļ 11 0.19 | 12 ļ 0.33 j 12
Philippines 0.43 j 8 j 0.56 ļ 5 0.56 ļ 7 ļ 0.63 ļ 4
Singapore 0.99 | 2 j 0.83 | 1 1.00 j 1 ' 1.00 j 1
Thailand 0.83 j 3 | 0.46 ļ 7 0.87 ļ 4 ļ 0.97 | 2
Vietnam 0.22 ļ 9 j 0.36 ļ 10 0.28 | 9 | 0.51 | 9
China 0.71 ļ 4 ļ 0.61 ļ 3 1.00 j 2 ļ 0.65 j 3
Japan 0.61 j 5 ļ 0.56 | 6 0.74 j 5 ļ 0.61 j 5
Korea 1.00 ļ 1 ļ 0.75 j 2 0.96 i 3 ļ 0.53 ļ 8
Weighted degree centrality (Stock of FDI)

Country 2001-2006 | 2007-2012

n-Outdegree Rank n-Indegree Rank n-Outdegree Rank n-In

Brunei 17.39 7 j 3.68 j 13 19.52 ļ 9 j 13.54 j 13

Cambodia 0.15 | 11 | 23.27 | 11 2.01 ļ 12 j 261.55 ļ 11
Indonesia 181.19 ļ 4 | 1266.64 | 2 328.76 ¡ 7 j 4116.99 | 3
LaoPDR 0.36 ' 10 j 8.07 ļ 12 1.00 ļ 13 j 143.39 j 12
Malaysia 0.00 j 12 j 1191.95 j 3 3126.89 ļ 4 j 2892.48 ļ 5
Myanmar 0.53 j 9 j 96.50 ļ 10 4.45 ļ 10 | 433.70 ļ 10
Philippines 0.00 j 13 j 481.83 ļ 7 98.87 ļ 8 j 1196.41 j 8
Singapore 3337.14 j 2 j 1141.83 ļ 5 10495.34 ļ 2 j 4693.19 ļ 2
Thailand 175.42 j 5 j 1186.56 ļ 4 1053.78 ļ 6 j 3852.11 j 4
Vietnam 1.14 ļ 8 j 205.56 ļ 8 3.41 j 11 j 1299.64 ļ 7
China 162.38 ļ 6 | 3613.58 ļ 1 1368.02 ļ 5 | 12675.47 ļ 1
Japan 5068.11 ļ 1 ļ 178.50 ļ 9 13955.27 ļ 1 j 1001.82 ļ 9
Korea 1265.52 ļ 3 ļ 756.95 j 6 4315.83 ļ 3 j 1638.77 j 6

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 • •

T T Vol.31 No.2, June 20

J http://dx.doi.org/l

Weighted degree

Country 2001-2006 2007-2012

n-Outdegree Rank n-Indegree Rank n-

Brunei 0.0285 j 2 j 0.0002 j 1

Cambodia 0.0002 j 10 | 0.0017 j
Indonesia 0.0093 | 6 j 0.0628
LaoPDR 0.0010 j 7 ļ 0.0002 | 1
Malaysia 0.0000 | 11 | 0.0810
Myanmar 0.0003 j 9 j 0.0088 ļ
Philippines 0.0000 j 12 j 0.0190
Singapore 0.3530 j 1 j 0.0393
Thailand 0.0128 j 5 j 0.0397 j
Vietnam 0.0000 j 13 | 0.0125
China 0.0007 j 8 j 0.1447 j 1
Japan 0.0140 j 4 j 0.0123 j 9 0.0310 | 5 j 0.0373 | 6
Korea 0.0198 j 3 j 0.0175 j 7 0.0467 j 3 j 0.0135 j 9
(Source) Authors' creation.

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 Appendix 8.A:

(weighted network in 20 1 2) (Flows of Export or stock of FDI)

Export FDI
OutDeg InDeg Eig. Hub Auth. OutDeg InDeg Eig Hub Auth
OutDeg 1
InDeg 0.987 1
Export Eig. 0.984 0.97 1
Hub 0.948 0.907 0.978 1

Auth. 0.982 0.994 0.979 0.917 1

OutDeg 0.779 0.798 0.681 0.554 0.775 1

InDeg 0.504 0.428 0.571 0.709 0.421 -0.051 1
FDI Eig. 0.96 0.931 0.93 0.914 0.912 0.763 0.604 1
Hub 0.783 0.802 0.688 0.56 0.782 1 -0.053 0.762 1

Auth. 0.501 0.43 0.561 0.685 0.423 -0.008 0.985 0.627 -0.01 1

(Note) OutDeg-Outdegree; InDeg-Indegree; Eig.-Eigenvector; Auth-Authority.

(Source) Authors' creation.

Appendix 8.B: Pearson correlation matrix of the measures

(weighted network in 20 1 2) (Flows of Export to GDP, or sto

Export/GDP FDI/GDP
OutDeg InDeg Eig. Hub Auth. OutDeg InDe
OutDeg 1
InDeg -0.29 1
Export/GDP Eig. 0.434 0.663 1
Hub 0.934 -0.326 0.463 1

Auth. -0.353 0.952 0.642 -0.361 1

OutDeg 0.716 0.085 0.416 0.474 -0.003 1

InDeg -0.118 0.614 0.358 -0.175 0.408 0.167 1
FDI/GDP Eig. 0.325 0.496 0.514 0.156 0.298 0.695 0.82 1
Hub 0.671 0.071 0.377 0.432 -0.015 0.984 0.151 0.685 1

Auth. -0.314 0.613 0.272 -0.296 0.437 -0.123 0.944 0.61 -0.158 1

(Note) OutDeg-Outdegree; InDeg-Indegree; Eig.-Eigenvector; Auth-Authority.

(Source) Authors' creation.

325

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