EUROPEAN ECONOMY Economic Papers 352| December 2008 Asia-Europe: the third link Jérémie Cohen-Setton and Jean Pisani-Ferry EUROPEAN COMMISSION Economic Papers are written by the Staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and to seek comments and suggestions for further analysis. The views expressed are the author’s alone and do not necessarily correspond to those of the European Commission. Comments and enquiries should be addressed to: European Commission Directorate-General for Economic and Financial Affairs Publications B-1049 Brussels Belgium E-mail:
[email protected] This paper exists in English only and can be downloaded from the website http://ec.europa.eu/economy_finance/publications A great deal of additional information is available on the Internet. It can be accessed through the Europa server (http://europa.eu ) © European Communities, 2008 Asia-Europe: The Third Link Jérémie Cohen-Setton and Jean Pisani-Ferry (1) 1 At the time of writing this paper both authors were affiliated with Bruegel. Cohen-Setton is now with the UK Treasury. We are very grateful to Philip Lane for having put his data on bilateral financial holdings at our disposal and we thank Jorge Braga de Macedo for comments on the occasion of the presentation of this paper at the June 2008 ASEM conference in Jeju, Korea. This research has benefitted from support by the European Commission. Opinions expressed therein are those of the authors alone, not of the institutions they are affiliated with.