国际清算银行：全球碎片化中的区域一体化（英文版）

Regional integration among emerging market economies complements global integration rather than substituting for it, which implies that strong regional ties act as buffers against global fragmentation. • Emerging Asia is more integrated than other emerging market regions due to a higher share of manufacturing with complex supply chains and the presence of regional financial centres in Hong Kong SAR and Singapore. • Trade and banking integration reinforce each other, and regional payment syste