Glossary  3

Introduction  4

Asia-Pacific is not to Global Finance what it is to Global Trade  6

Methodological Considerations and a Primer in Network Analysis  8

FDI: Overall FDI Remains Low, However Intra-Regional Linkages are Growing  10

FPI: Limited Cross-Border Integration  12

Cross-Border Banking: Strong Global Links for AEs, Growing Regional Integration for EMs  16

Understanding Financial Positions: A Gravity Model  22

Conclusions  28

References  30