新兴市场的全球和区域金融一体化进程外文翻译.doc

毕业论文（设计）外文翻译 题　　目：　　　　　　　浙江区域金融差异研究　　　　　　　　　　　　　　　　　　 一、外文原文 Global and regional financial integration: progress in emerging markets In recent years efforts have been made to deepen financial links between emerging markets within individual regions. Such regional financial integration lags the integration of emerging markets with global markets, but authorities in Asia in particular are taking steps to accelerate the process. Since the early 1990s, financial systems in emerging economies have become increasingly integrated into the international financial system. This process was led by the forging of links with the major financial centres: for example, emerging market residents turned to New York, London and other international centres to raise foreign financing and purchase foreign assets. In recent years, efforts have also been made to promote integration among emerging markets within individual regions. This special feature reviews measures of financial integration and the progress of integration in emerging markets from both a global and a regional perspective. The new members of the European Union come closest to achieving an integrated market, as a result of their close ties to major financial centres within the Union. At the same time, financial links among emerging markets are deepest in emerging Asia, where the authorities have taken collective actions to reinforce them. The following section explains what is meant by financial integration, and subsequent sections examine different measures of cross-border integration. Financial integration in an international context An integrated financial market is one in which potential market participants face a single set of rules, have equal access and are treated equally (Baele et al (2004)). In an international context, progress towards a fully integrated market for financial instruments and services depends on a broadening and deepening of cross-border financial links. More concretely, the process of cros