This study investigates the impact of financial integration on recipient country bank default risk and, in particular, if that relationship is moderated by the type of financial integration. Using the system generalized method of moments (GMM), the study finds that financial integration lowers bank default risk in the recipient countries. The impact is primarily driven by the foreign claims extended by Asian lenders and the foreign claims extended via local affiliates. These results show that the close proximity of lenders and borrowers or ‘local’ knowledge via an affiliate presence alleviates information asymmetry, allowing for effective monitoring and disciplining of the loan relationship. The result supports the fostering of financial integration, promoting deeper intra-regional connectedness throughout East Asia. When foreign claims come from outside East Asia, policy makers should encourage presence through local affiliates, as this has an equivalent impact.

这项研究调查了金融一体化对受援国银行违约风险的影响，尤其是这种关系是否受到金融一体化类型的调节。使用系统广义矩量法（GMM），研究发现金融一体化降低了受援国的银行违约风险。影响主要是由亚洲贷方提供的外国债权和通过当地分支机构提供的外国债权驱动的。这些结果表明，借方和借方之间的紧密联系或通过联属机构存在的“本地”知识可以缓解信息不对称性，从而可以有效地监控和规范贷款关系。结果支持促进金融一体化，促进整个东亚地区之间更深的区域内联系。