Assessing The Integration Of Asias Equity And Bond Markets

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The Dynamics of Asian Financial Integration

Author : Michael Devereux
Publisher : Taylor & Francis
ISBN 13 : 1136847626
Total Pages : 342 pages
Book Rating : 4.1/5 (368 download)

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Book Synopsis The Dynamics of Asian Financial Integration by : Michael Devereux

Download or read book The Dynamics of Asian Financial Integration written by Michael Devereux and published by Taylor & Francis. This book was released on 2011-05-03 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Engaging East Asian Integration

Author : Takashi Shiraishi
Publisher : Institute of Southeast Asian Studies
ISBN 13 : 9814380288
Total Pages : 241 pages
Book Rating : 4.8/5 (143 download)

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Book Synopsis Engaging East Asian Integration by : Takashi Shiraishi

Download or read book Engaging East Asian Integration written by Takashi Shiraishi and published by Institute of Southeast Asian Studies. This book was released on 2012 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Both international trade and investment by East Asian countries have become significantly regionalized. To support this development further, efforts for regional integration have flourished in the forms of bilateral and regional free trade agreements and the ASEAN+3 and East Asia Summit processes, among many others. This book is a compilation of papers and discussions originally presented at the international symposium held during the recent global financial crisis. The symposium aimed to shed light not only on the usual economic aspect but also on other aspects of the multidimensional phenomenon called "regional integration." Thus, in this volume the authors explore the relationship between the U.S. influence and East Asian regionalism, the characteristics of East Asian integration, and the politics of inclusion/exclusion in the integration process. In addition, they point out some "missing links" in integration efforts such as cooperation in the areas of logistics, finance, trade in services, infrastructure and human resource movement. Since the global financial crisis did not deter integration efforts (rather, it has encouraged them), this book serves as a guide for future East Asian integration in terms of what to expect and what is to be done.

The Asian Bond Markets Initiative

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292578448
Total Pages : 69 pages
Book Rating : 4.2/5 (925 download)

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Book Synopsis The Asian Bond Markets Initiative by : Asian Development Bank

Download or read book The Asian Bond Markets Initiative written by Asian Development Bank and published by Asian Development Bank. This book was released on 2017-06-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian Bond Markets Initiative (ABMI) was launched in December 2002 by the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea---collectively known as ASEAN+3 to strengthen financial stability and reduce the region’s vulnerability to the sudden reversal of capital flows. This paper also provides recommendations for addressing new sources of market volatility and other challenges within and outside the framework of the Asian Bond Markets Initiative.

Asian Capital Market Development and Integration

Author : Asian Development Bank
Publisher : Oxford University Press, USA
ISBN 13 : 9780198099451
Total Pages : 0 pages
Book Rating : 4.0/5 (994 download)

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Book Synopsis Asian Capital Market Development and Integration by : Asian Development Bank

Download or read book Asian Capital Market Development and Integration written by Asian Development Bank and published by Oxford University Press, USA. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiscal crisis in Europe continues to cast a shadow on the global economic outlook, and the securities issued by the United States and European nations are losing their status as traditional safe assets and reserve value. As a result, investors and governments are looking to diversify their investment portfolio with emerging markets, particularly Asian bonds. Such renewed interest has led to excessive capital inflows, making the region increasingly vulnerable to external shocks. However, on the other hand, it leads to abundant liquidity in the capital markets, which reduces financing costs and expands investment opportunities. This book analyses this dilemma and proposes that development of local bond markets and achieving greater market depth and interconnectedness is the best bet to prevent the reoccurrence of a currency crisis like 1997. It thus, assesses the progress achieved thus far in capital market integration in Asia, and compares it with its global peers. The study also assesses the degree to which volatility in equity and bond market returns, driven by financial turmoil originating at both the regional and global levels, spills over into emerging Asia domestic equity and bond markets. The results of this analysis indicate that such spill-over significantly impacts both domestic equity and bond markets in the region. This finding suggests that on-going regional capital market integration initiatives should take into account the risk of contagion that regional financial integration presents, and introduce measures for mitigating such risk as a means of ensuring financial stability in the region.

Evolving Finance, Trade and Investment in Asia

Author : Tomoo Kikuchi
Publisher : Routledge
ISBN 13 : 1351761129
Total Pages : 183 pages
Book Rating : 4.3/5 (517 download)

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Book Synopsis Evolving Finance, Trade and Investment in Asia by : Tomoo Kikuchi

Download or read book Evolving Finance, Trade and Investment in Asia written by Tomoo Kikuchi and published by Routledge. This book was released on 2018-12-07 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: The year 2015 witnessed significant events in the area of finance, trade and investment, which brought Asia to the centre of the world stage. The Trans-Pacific Partnership reached its basic agreement among the 12 member countries in October; the Chinese Yuan was included into the Special Drawing Rights basket of currencies at the International Monetary Fund in November; the ASEAN Economic Community came into force; and the Asian Infrastructure Investment Bank was established with the 57 founding members in December. Within and outside the region, there is an urgent need to understand the underlying economic structures that brought about these events, which have global implications. The Centre on Asia and Globalisation at the National University of Singapore launched a series of conferences on ‘Evolving Finance, Trade and Investment in Asia’ with the aim of strengthening research capacity in Asia to influence regional policymaking. Looking forward, the conference will provide an annual platform for scholars to discuss the latest findings and to disseminate them to business leaders and policymakers. This book contains scholarship presented at the inaugural international conference in September 2015, and was originally published as a special issue of the International Economic Journal.

Advancing Regional Monetary Cooperation

Author : L. Mühlich
Publisher : Springer
ISBN 13 : 1137427213
Total Pages : 318 pages
Book Rating : 4.1/5 (374 download)

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Book Synopsis Advancing Regional Monetary Cooperation by : L. Mühlich

Download or read book Advancing Regional Monetary Cooperation written by L. Mühlich and published by Springer. This book was released on 2014-08-29 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines regional monetary cooperation as a strategy to enhance macroeconomic stability in developing countries and emerging markets. Interdisciplinary case studies on Southern Africa, Southeast Asia and South America provide a cross-regional perspective on the viability of such strategy.

Emerging Stronger from the Crisis

Author :
Publisher : World Bank Publications
ISBN 13 : 0821384058
Total Pages : 96 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Emerging Stronger from the Crisis by :

Download or read book Emerging Stronger from the Crisis written by and published by World Bank Publications. This book was released on 2010 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provide an update on the sharp, surprising and welcome rebound in economic activity in East Asia and Pacific, and policies needed to transform the rebound into recovery.

Emerging Asian Regionalism

Author :
Publisher :
ISBN 13 :
Total Pages : 314 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Emerging Asian Regionalism by :

Download or read book Emerging Asian Regionalism written by and published by . This book was released on 2008 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: As Asia grows and prospers, its economies are increasingly vital to each other -and to the world. Led by a team of ADB staff, scholars, and advisers to regional policy makers, this study highlights what is at stake the emerging Asian regionalism and lays out the ground for further discussion on how to move forward.

Routledge Handbook of Banking and Finance in Asia

Author : Ulrich Volz
Publisher : Routledge
ISBN 13 : 1134862148
Total Pages : 640 pages
Book Rating : 4.1/5 (348 download)

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Book Synopsis Routledge Handbook of Banking and Finance in Asia by : Ulrich Volz

Download or read book Routledge Handbook of Banking and Finance in Asia written by Ulrich Volz and published by Routledge. This book was released on 2018-10-26 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Handbook of Banking and Finance in Asia brings together leading scholars, policymakers, and practitioners to provide a comprehensive and cutting-edge guide to Asia’s financial institutions, markets, and systems. Part I provides a country-by-country overview of banking and finance in East, Southeast, and South Asia, including examples from China, Japan, Hong Kong, India, and Singapore. Part II contains thematic chapters, covering topics such as commercial banking, development banking, infrastructure finance, stock markets, insurance, and sovereign wealth funds. It also includes examinations of banking regulation and supervision, and analyses of macroprudential regulation, capital flow management measures, and monetary policy. Finally, it provides new insights into topical issues such as SME, green, and Islamic finance. This handbook is an essential resource for scholars and students of Asian economics and finance and for professionals working in financial markets in Asia.

Drivers of Financial Integration – Implications for Asia

Author : Nasha Ananchotikul
Publisher : International Monetary Fund
ISBN 13 : 1513554816
Total Pages : 41 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Drivers of Financial Integration – Implications for Asia by : Nasha Ananchotikul

Download or read book Drivers of Financial Integration – Implications for Asia written by Nasha Ananchotikul and published by International Monetary Fund. This book was released on 2015-07-17 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.

Asian Economic Integration Report 2018

Author : Asian Development Bank
Publisher :
ISBN 13 : 9789292613549
Total Pages : 210 pages
Book Rating : 4.6/5 (135 download)

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Book Synopsis Asian Economic Integration Report 2018 by : Asian Development Bank

Download or read book Asian Economic Integration Report 2018 written by Asian Development Bank and published by . This book was released on 2018-10 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report documents Asia's progress in regional cooperation and integration. This publication documents Asia's progress in regional cooperation and integration. It covers the 48 regional members of the Asian Development Bank and analyzes regional as well as global economic linkages. The 2018 report's special chapter Toward Optimal Provision of Regional Public Goods in Asia and the Pacific examines how collective action among countries can help find solutions to growing transnational development challenges. The special chapter also discusses how to best provide regional public goods that transcend the so-called collective action problem which occurs when individual interests are too weak on their own to drive cooperation on common issues.

The ASEAN Way

Author : Ms.Ana Corbacho
Publisher : International Monetary Fund
ISBN 13 : 1513558900
Total Pages : 311 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The ASEAN Way by : Ms.Ana Corbacho

Download or read book The ASEAN Way written by Ms.Ana Corbacho and published by International Monetary Fund. This book was released on 2018-10-02 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

Global Capital Markets

Author : Maurice Obstfeld
Publisher : Cambridge University Press
ISBN 13 : 9780521633178
Total Pages : 382 pages
Book Rating : 4.6/5 (331 download)

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Book Synopsis Global Capital Markets by : Maurice Obstfeld

Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004-02-19 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description

Guidance Note For Developing Government Local Currency Bond Markets

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1513573926
Total Pages : 157 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Guidance Note For Developing Government Local Currency Bond Markets by : International Monetary Fund

Download or read book Guidance Note For Developing Government Local Currency Bond Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-03-12 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

International Convergence of Capital Measurement and Capital Standards

Author :
Publisher : Lulu.com
ISBN 13 : 9291316695
Total Pages : 294 pages
Book Rating : 4.2/5 (913 download)

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Book Synopsis International Convergence of Capital Measurement and Capital Standards by :

Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Costs and Benefits of Economic Integration in Asia

Author : Robert J. Barro
Publisher : Oxford University Press
ISBN 13 : 0199780773
Total Pages : 304 pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis Costs and Benefits of Economic Integration in Asia by : Robert J. Barro

Download or read book Costs and Benefits of Economic Integration in Asia written by Robert J. Barro and published by Oxford University Press. This book was released on 2011-01-04 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Costs and Benefits of Economic Integration in Asia brings together authoritative essays that identify and examine various initiatives to promote economic integration in Asia.

Asia’s Stock Markets

Author : Mr.Fabian Lipinsky
Publisher : International Monetary Fund
ISBN 13 : 148432014X
Total Pages : 46 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Asia’s Stock Markets by : Mr.Fabian Lipinsky

Download or read book Asia’s Stock Markets written by Mr.Fabian Lipinsky and published by International Monetary Fund. This book was released on 2014-02-26 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region’s markets are reputed to be more “idiosyncratic” and less reliant on economic and corporate fundamentals in their pricing. Using a model that draws on international asset pricing and economic theory, as well as accounting literature, we find evidence of greater idiosyncratic influences in the pricing of Asia’s stock markets, compared to their G-7 counterparts, beyond the identified systematic factors and local fundamentals. We also show proof of a significant relationship between the strength of implementation of securities regulations and the “noise” in stock pricing, which suggests that improvements in the regulation of securities markets in Asia could enhance the role of stock markets as stable and reliable sources of financing into the future.