1 - Financial integration

Summary

‘Sit down, Shepherd Oak,’ continued the ancient man of malt. ‘And how was the old place at Norcombe, when ye went for your dog? I should like to see the old familiar spot; but faith, I shouldn't know a soul there now.’

‘I suppose you wouldn't. 'Tis altered very much.’

‘Is it true that Dicky Hill's wooden cider-house is pilled down?’

‘Oh yes – years ago, and Dicky's cottage just above it.’

‘Well, to be sure!’

‘Yes; and Tompkin's old apple-tree is rooted that used to bear two hogsheads of cider, and no help from the other trees.’

‘Rooted? – you don't say it! Ah! stirring times we live in – stirring times.’

‘And you mind the old well that used to be in the middle of the place? That's turned into a solid iron pump with a large stone trough, and all complete.’

‘Dear, dear – how the face of nations alter, and what we live to see nowadays! Yes – and t'is the same here.’

People have always had to cope with the fact that the world around them is changing, and often in unexpected ways. This book deals with one aspect of change: how financial markets in particular countries in east Asia and the western Pacific have developed, become more open and integrated with the world, and what this has meant for the structure and operation of their economies.