IMF-亚太地区的金融互联性：近期变化及其对新加坡的影响（英）

Financial Interconnectedness in Asia and the Pacific—Recent Shifts and Implications for Singapore Tristan Hennig, Ritu Basu, Cristian Alonso (APD), and Wanying Li (ICD) SIP/2025/114IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on May 15, 2025. This paper is also published separately as IMF Country Report No 25/193. 2025 AUG © 2025 International Monetary Fund SIP/2025/114 IMF Selected Issues Paper Asia and Pacific Department Financial Interconnectedness in Asia and the Pacific—Recent Shifts and Implications for Singapore Prepared by Tristan Hennig, Ritu Basu, Cristian Alonso (APD), and Wanying Li (ICD) Authorized for distribution by Masahiro Nozaki August 2025 IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on May 15, 2025. This paper is also published separately as IMF Country Report No 25/193. ABSTRACT: This paper examines financial interconnectedness in Asia, particularly through Singapore, and the link between trade and financial flows. It finds that Asia's financial integration lags behind its trade integration and is led by advanced economies like Singapore. The FDI network closely resembles the trade network and stands in contrast with the network for portfolio assets, which is dominated by advanced economies. Strong trade links boost FDI flows, but not portfolio flows. Singaporean banks face cross-border and FX funding risks. The authorities continue to make efforts to mitigate these risks. RECOMMENDED CITATION: Alonso et al., 2025. Financial Interconnectedness in Asia and the Pacific—Recent Shifts and Implications for Singapore. IMF Selected Issues Paper (SIP/2025/114). Washington, D.C.: International Monetary Fund. JEL Classification Numbers: F15, F21, F30, G15, G21 Keywords: Commercial banks, domestic systemically important banks, financial integration, financial sector stability, foreign direct investment, gravity models, international investment position, liquidity requirements, loans, portfolio investment, trade balance Authors’ E-Mail Addresses: THennig@imf.org, RBasu@imf.org, CAlonso@imf.org, WLi@imf.org SELECTED ISSUES PAPERS Financial Interconnectedness in Asia and the Pacific—Recent Shifts and Implications for Singapore Singapore Prepared by Tristan Hennig, Ritu Basu, Cristian Alonso (APD), and Wanying Li (ICD)11 The paper draws on ongoing analytical work by Tahsin Saadi Sedik, Cristian Alonso, Tristan Hennig, Henry Hoyle, Monica Petrescu, Ying Xu, and Yizhi Xu. SINGAPORE SELECTED ISSUES Approved By Asia and Pacific Department Prepared By Tristan Hennig, Ritu Basu, Cristian Alonso (APD), and Wanying Li (ICD). FINANCIAL INTERCONNECTEDNESS IN ASIA AND THE PACIFIC—RECENT SHIFTS AND IMPLICATIONS FOR SINGAPORE ____________________