Financial Integration in Asia - And Why It's NOT Really Happening

Hey

Since the Asian Crisis 1997/98 there's been much talk on economic and financial integration in East Asia. However, EA seems to integrate more with the world than with itself (so, who is the true globalizer?).
More on the topic at:
http://www.aric.adb.org/pdf/workingpaper/WP13_Cross-border_Financial_Asset_Holdings.pdf

or will that change when China takes over the world leader role (creating a new "hub-and-spokes" system in EA?)? ...

we're curious...

ADI (more stress with papers)