An Investigation of Asian Stock Markets Integration PDF Download

Author: Santi Kiranand
Publisher:
ISBN: 9789743337314
Category : Dissertations, Academic
Languages : en
Pages : 296

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Author: Michael Devereux
Publisher: Taylor & Francis
ISBN: 1136847626
Category : Business & Economics
Languages : en
Pages : 342

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Book Description
The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. 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. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.

Author: Amitesh Kapoor
Publisher:
ISBN:
Category :
Languages : en
Pages : 13

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Book Description
This Report investigated the integration of Asian stock exchanges and indicated the diversification opportunities for potential investors they provide in the long-term. This study examines the stock market cointegration between India and south Asian countries, whether they are co integrated to each other or not which will eventually be helpful for the individual investors along with corporate investors in selecting their investment area and portfolio diversification. If the stock markets have any cointegration than diversification may not be profitable. This Report empirically analyzes the phenomenon of cointegration amongst selected South Asian stock markets.

Author: Saif Siddiqui
Publisher:
ISBN:
Category :
Languages : en
Pages : 24

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Book Description
In the background of globalization, economic assimilation and integration among countries and their financial markets is evident. The interdependency among major world stock markets has also increased. This paper examines the relationships between selected Asian and US stock markets. It covers the period, 19/10/1999 to 25/04/2008, using daily closing data of twelve stock markets to investigate. The research methodology employed includes testing for stationarity, implementation of the Granger Causality test and Johansen Cointegration test. Stock markets under study are found to be integrated. The degree of correlation between all the markets, but Japan, varies between moderate to high. The findings also prove that stock markets returns are not normally distributed. The time series understudy also show non-stationary patterns. Furthermore, it provided that no stock market is playing a very dominant role in influencing other markets. The US influence is not as noticeable as in the earlier researches. Comparing this study with previous ones, It can be said that stock market integration in relation with US markets is time varying. The results of the present paper are useful for investors in management of their existing international portfolios.

Author: Eduardo Roca
Publisher: Routledge
ISBN: 1000160378
Category : Social Science
Languages : en
Pages : 115

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This title was first published in 2000: An investigation of the issue of financial markets interdependence or integration through the application of recently developed and powerful techniques in time series econometrics. The text provides coverage of theoretical analysis and applications in the context of the Asia-Pacific region.

Author: Xuan Vinh Vo
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
The study investigates the interdependence of the stock markets in the following countries; Hong Kong, Japan, Korea, Taiwan, Indonesia, Malaysia, Philippines, Singapore, Thailand, and the advanced stock markets of Australia, Germany, United Kingdom and the United States. Using data from 1994 to 2003 the paper employs both correlation, causality and cointegration analysis to describe the behavior of the above stock market indices over the period pre and post the 1997 Asian Financial Crises. The research provides answers to the following questions. Firstly, what are the short- and dynamic long-run relationships between each of the Asian markets and between these markets and the markets of advanced industrial nations? Secondly, have those relationships significantly changed after the 1997 Asian Financial Crisis? Thirdly, have the expected benefits from international portfolio diversification to a foreign investor from the US or Australia investing in Asian equity markets changed since the Asian financial crisis.

Author: Herald van der Linde
Publisher: Marshall Cavendish International Asia Pte Ltd
ISBN: 9815009524
Category : Business & Economics
Languages : en
Pages : 274

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Book Description
A summary of how stock markets work for those looking to invest. This book is a practical guide to Asia’s stock markets for a general audience. It is for people who do not know much about financial markets but, for whatever reason, would like to learn more. They could be seasoned expatriate pilots, academics and other professionals, newcomers in the region as well as students or young men and women about to start in the finance industry. The idea is to cut through the alphabet soup of industry jargon to provide a clear understanding of how these markets work, how they differ from each other in size and depth, what unique features each stock market has and what drives all the different sectors in these markets – consumers, the internet, banks and technology. The book includes helpful history lessons and personal anecdotes drawn from the author’s 30 years in the world of Asian investments.

Author: Shandre M. Thangavelu
Publisher: Routledge
ISBN: 1136251723
Category : Business & Economics
Languages : en
Pages : 225

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Book Description
This book investigates the impact of both real and financial integration to growth and to welfare, and to enquire whether increases in either or both forms build the linkage between the real and financial economy. It contributes to the following two areas: (1) Research of economic developments in East Asia, the most dynamic and populous region in the world, in itself is important for researchers, policy makers, journalists, business people and others. East Asia’s economic developments influence peoples’ lives not only in East Asia but also in other parts of the world. (2) Many aspects of East Asian experiences in economic development are unique, making research of East Asia attractive and important to discern mechanisms of economic development. The first part of this study begins with chapters that address the measurement of regional integration compared with the engagement with the global economy and how this influences the aggregate behavior of the economies. The second part turns to consideration of the financial sector and the efficiency and performance of banking in the region. This allows a discussion whether, in the current crisis, the banking sector was an important channel of financial shock into real behavior. The third part turns to the corporate sector. Using data on firms, type of finance used by firms, its impact on their performance, and ownership structure influence over the productivity growth are discussed. Based on the findings, the book presents several policy recommendation and future research agenda for further economic integration in East Asia.

Author: Jian Yang
Publisher:
ISBN:
Category :
Languages : en
Pages : 30

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Book Description
This study examines long-run relationships and short-run dynamic causal linkages among the U.S., Japanese, and ten Asian emerging stock markets, with the particular attention to the 1997-1998 Asian financial crisis. Extending related empirical studies, comparative analyses of pre-crisis, crisis, and post-crisis periods are conducted to comprehensively evaluate how stock market integration is affected by financial crises. In general, the results for the case of Asia show that both long-run cointegration relationships and short-run causal linkages among these markets were strengthened during the crisis and that these markets have generally been more integrated after the crisis than before the crisis. Detailed country-by-country analyses are provided, which yield a variety of new results concerning the roles of individual countries in international stock market integration. An important implication of our findings is that the degree of integration among countries tends to change over time, especially around periods marked by financial crises.

Author: Chee Wooi Hooy
Publisher:
ISBN:
Category : International economic integration
Languages : en
Pages : 132

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