[Penelitian ini bertujuan untuk menganalisis derajat integrasi pada sektor keuangan danmelihat dampaknya terhadap (international risk-sharing) IRS pada kawasan ASEAN-5.Analisis derajat integrasi keuangan menggunakan pendekatan interest rate parity dengan realinterest money market rate, real deposit rate, real lending rate dan composite index returnsebagai variabel. Sedangkan pengujian IRS menggunakan pendekatan consumption risksharingdengan variabel consumption per capita growth. Hasil penelitian menunjukkanbahwa integrasi keuangan di kawasan ini belum sempurna meskipun integrasi tersebutmendorong terjadinya IRS sampai tingkat tertentu. Selain itu disimpulkan juga bahwahipotesa integrasi keuangan sebagai necessary condition untuk terjadinya IRS belum dapatdibuktikan untuk kawasan ASEAN-5., This research aims to analyze the degree of financial integration and to see whether thecurrent degree of integration has helped ASEAN-5 to achieve international risk-sharing(IRS). Degree of financial integration is measured by interest rate parity approach with realinterest money market rate, real deposit rate, real lending rate and composite index return asvariables. Meanwhile, IRS is tested using the consumption risk-sharing approach withconsumption per capita growth as the variable. Results indicate that the financial sector inASEAN-5 has not been fully integrated yet even though the current degree of integration hascontributed to achieve IRS in the region to a certain extent. Finally, the hypothesis thatsuggests financial integration is the necessary condition for IRS has yet been proven.]