Financial Intergration in East Asia explains the different methods economists use to assess how open a country's financial system is to domestic and international influences, and applies these tests to ten countries in East Asia. It explains how a country that has an open financial system differs from one that is controlled. It explains what happened in East Asia in 1997/98 and reviews the costs and benefits of open financial markets. While it has appeal for the technical reader, the book uses ordinary language and emphasizes economic intuition. The topic is relatively new and fundamentally important to the way governments and markets work in East Asia.