How Integrated are World Capital Markets? PDF Download

Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :

View

Book Description

Author: Maurice Obstfeld
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 28

View

Book Description

Author: Maurice Obstfeld
Publisher: Cambridge University Press
ISBN: 9780521671798
Category : Business & Economics
Languages : en
Pages : 386

View

Book Description
This book is an economic survey of international capital mobility from the late nineteenth century to the present.

Author: Mr.Michael Mussa
Publisher: International Monetary Fund
ISBN: 145195039X
Category : Business & Economics
Languages : en
Pages : 66

View

Book Description
This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.

Author: Haluk Akdoğan
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 214

View

Book Description
The integration of international capital markets is central to the major economic changes taking place throughout the world. This key issue in global finance is analyzed, both theoretically and empirically, in this book.

Author: Geert Bekaert
Publisher:
ISBN:
Category : Capital assets pricing model
Languages : en
Pages : 64

View

Book Description
We propose a conditional measure of capital market integration that allows us to characterize both the cross-section and time-series of expected returns in developed and emerging markets. Our measure, which arises from a conditional regime-switching model, allows us to describe expected returns in countries that are segmented from world capital markets in one part of the sample and become integrated later in the sample. Our results suggest that a number of emerging markets exhibit time-varying integration. Interestingly, some markets appear to be more integrated than one might expect based on prior knowledge of investment restrictions. Other markets appear segmented even though foreigners have relatively free access to their capital markets.

Author: Showkat Ali
Publisher: Taylor & Francis
ISBN: 9780815330738
Category : Business & Economics
Languages : en
Pages : 200

View

Book Description
This study examines the major macroeconomic determinants and the structural relationships of current account variability, capital flows, saving and investment in open economies that are linked to the international financial markets. It explores the appropriateness of domestic policy responses (such as money stock growth, government spending, openness criteria, GDP growth) and the size of population or the impact of external shocks (such as exchange rate variability and the terms of trade uncertainty) for determining the domestic saving-investment comovement and capital flows worldwide. This analysis finds that even high positive correlations between national saving and investment rates could naturally arise within a perfect capital mobility framework where domestic policy variability and external shocks are likely to play a significant role for capital inflow.

Author: Wolfgang Drobetz
Publisher: Springer Science & Business Media
ISBN: 3663085295
Category : Business & Economics
Languages : en
Pages : 346

View

Book Description
Wolfgang Drobetz provides empirical evidence on the time variation of expected stock returns over the stages of the business cycle.

Author: Michael D. Bordo
Publisher: University of Chicago Press
ISBN: 0226065995
Category : Business & Economics
Languages : en
Pages : 600

View

Book Description
As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.

Author: Peter Montiel
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 69

View

Book Description