The Asia–Pacific financial axis: challenges for further financial integration

This article highlights the main issues raised in 14 articles that were selected from nearly 100 papers presented at the 10th Australasian Finance and Banking Conference, held in Sydney on 4–5 December 1997. It also analyses some of the factors contributing to the process of globalisation of the financial markets, and the challenges facing APEC for financial integration. It analyses the financial axis in the Asia–Pacific region extending from Japan in the north to Australia in the south and its influence and potential to accelerate the process of global financial integration. To this end, the paper will analyse Japanese hypercorporatism and its influence on the region and the role of Asia–Pacific countries in promoting international financial services. The paper also considers the benefits of financial integration in this region including the reduction of the costs of obtaining funds and increasing foreign investment.