Spillover and Cycle Effects of Regional Integration : Growth and Business Cycles in East Asia and Enlarged EU

在东亚，通过中间产品贸易和外国直接投资扩大生产网络促进了区域一体化。这伴随着发达经济体制造业的空心化，并培育了发展中经济体工业化的引擎，绘制了该地区新的工业地图。另一方面，针对资本流动膨胀造成的金融经济周期，东亚地区追求汇率稳定，扩大资本结构，沿着生产网络化，限制外部融资，从而建立起独特的宏观金融体制，对日益增长的金融风险具有更强的抵御能力。东亚区域一体化有可能构成21世纪新型的发展模式。

In East Asia, expanding production networks through intermediate goods trade and foreign direct investment have promoted regional integration. This accompanies hollowing-out of manufacturing in advanced economies and nurtures engines of industrialization in developing economies, drawing up a new industrial map in the region. On the other hand, against financial business cycles caused by ballooning capital flows, East Asia has pursued exchange rate stability, lengthened capital compositions and constrained external financing along with production networking, thereby building up unique macro-financial regimes more robust against growing financial risks. East Asian regional integration may constitute a new 21century type development model.