Achieving financial stability through financial market integration with Asia
Date of this Version
Extract; The White Paper on Australia in the Asian Century (Department of the Prime Minister and Cabinet ) [DPMC], 2012) correctly indicated that Asia’s extraordinary recent economic performance as well as the future economic outlook cannot be overlooked when planning Australia’s future economic prospects. It is strategically and geographically important for Australia to integrate itself with Asia, in order to achieve and maintain sustainable economic growth. The Asian success story emphasises the important role of the financial market development and integration in providing financial stability to the region. This is especially true in the aftermath of the Asian Financial Crisis when the region designed a framework for the New Financial Architecture and decided to gradually adopt it. As a result, the region has enjoyed a fast and unprecedented growth and stability since mid-2000.
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