The book attempts to achieve two goals by assessing the degree of regional and global financial integration and unveiling the drivers of such integration. First, it lays out analytical frameworks that are foundations for measuring the degree of integration in the financial asset market and direct investment flows, business cycle synchronization and financial contagion, and consumption and output risk- sharing. Second, by applying the rigorous frameworks, the book provides an up-to-date assessment of the extent of regional and global financial integration in Asia, documenting the complexity in the different patterns of the integration and quantifying their consequences. Its chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization.