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Chinese And Global Financial Integration Through Stock Connect
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Book Synopsis Chinese and Global Financial Integration through Stock Connect by : Flora Huang
Download or read book Chinese and Global Financial Integration through Stock Connect written by Flora Huang and published by Bloomsbury Publishing. This book was released on 2023-10-19 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This significant and timely book explores a novel market mechanism, Stock Connect, which gives mutual market access to Chinese and international investors, and provides original analyses and fresh insights. This mechanism could become the new normal in future global financial integration. By examining this cross-border scheme from a regulatory perspective via a three-tiered analytical framework (investors, issuers and regulators), this book unearths the profound implications of Stock Connect to local and global financial markets and the legal impediments to its implementation. It covers a broad range of topics in this cross-boundary investment channel, including an overview of four existing connectivity arrangements (Shanghai-Hong Kong, Shenzhen-Hong Kong, Shanghai-London and China-Switzerland), the uniqueness of these connectivity arrangements, investor protection, regulations of connect issuers, regulatory cooperation and enforcement, the impacts on local and global financial markets, the implications for the world market connectivity as well as the challenges and future of Stock Connect. This pioneering study will appeal to a broad range of readers who are interested in the on-going reshaping of international financial systems and China's emerging influence in the international financial order.
Book Synopsis Chinese and Global Financial Integration through Stock Connect by : Flora Huang
Download or read book Chinese and Global Financial Integration through Stock Connect written by Flora Huang and published by Bloomsbury Publishing. This book was released on 2023-10-19 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This significant and timely book explores a novel market mechanism, Stock Connect, which gives mutual market access to Chinese and international investors, and provides original analyses and fresh insights. This mechanism could become the new normal in future global financial integration. By examining this cross-border scheme from a regulatory perspective via a three-tiered analytical framework (investors, issuers and regulators), this book unearths the profound implications of Stock Connect to local and global financial markets and the legal impediments to its implementation. It covers a broad range of topics in this cross-boundary investment channel, including an overview of four existing connectivity arrangements (Shanghai-Hong Kong, Shenzhen-Hong Kong, Shanghai-London and China-Switzerland), the uniqueness of these connectivity arrangements, investor protection, regulations of connect issuers, regulatory cooperation and enforcement, the impacts on local and global financial markets, the implications for the world market connectivity as well as the challenges and future of Stock Connect. This pioneering study will appeal to a broad range of readers who are interested in the on-going reshaping of international financial systems and China's emerging influence in the international financial order.
Book Synopsis The Stock Connect to China by : Zhiguo He
Download or read book The Stock Connect to China written by Zhiguo He and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a bridge between Chinese mainland and international financial markets, the Stock Connect program allows investors on both sides to gain mutual access. By analyzing how cross-border flows respond to macro-related shocks, we show that compared with possibly homemade foreign investors, genuine foreign investors are more likely affected by the U.S. monetary shocks, the exchange rate risk, the U.S. market performance as well as the cross-market valuation disparity. The paper highlights the importance of profiling different groups of cross-border participants over market integration.
Book Synopsis The Stock Connect Programs by : Jiadi Cheng
Download or read book The Stock Connect Programs written by Jiadi Cheng and published by . This book was released on 2020 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Stock Connect programs are important steps for China to liberate its relatively restricted financial market. The Shanghai - Hong Kong Stock Connect program launched in 2014, and the Shenzhen - Hong Kong program launched in 2016 allowed both institutional and individual international investors access to the Chinese stock market for the first time. This paper studies the impact of the Stock Connect programs on Chinese stock returns and Chinese stock market's integration with international stock markets using 2SLS regression analysis. Regression results show that the launch of the SH - HK Stock Connect program increased daily returns of all four eligible indexes under Stock Connect programs but did not increase correlation between daily performances of Chinese stock market and global stock markets with statistical significance.
Book Synopsis The Integration of the Chinese Stock Markets Following the Shanghai-Hong Kong Stock Connect by : Sheung-Chi Chow
Download or read book The Integration of the Chinese Stock Markets Following the Shanghai-Hong Kong Stock Connect written by Sheung-Chi Chow and published by . This book was released on 2018 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the impact of the Shanghai-Hong Kong Stock Connect on the degree of financial integration between the Hong Kong stock market and the Shanghai and Shenzhen stock markets in mainland China. By applying cointegration tests and linear and nonlinear Granger causality techniques on market capitalization and market index, we find that the stock markets from mainland China are increasingly influencing the Hong Kong stock market after the introduction of the Stock Connect scheme. Following the scheme's introduction, the cointegration relationship between China and Hong Kong in terms of market capitalizations and market indices is also increasing. Moreover, Granger causality effects on market capitalizations and market indices from China remain strong, while the directional Granger cause of the two variables from Hong Kong to China has become weak or been rejected. Our study indicates that further opening of the Chinese stock markets enhances their leading roles, given that market capitalizations and market indices exhibit the highest degree of explanatory power regarding market correction toward long-run equilibrium. However with nonlinear causality test, our results indicate that Hong Kong stock market is still relevant to understand and predict China stock market after the introduction of the Stock Connect scheme.
Book Synopsis Integration of Chinese and Russian Stock Markets with World Markets by : Lubos Komarek
Download or read book Integration of Chinese and Russian Stock Markets with World Markets written by Lubos Komarek and published by . This book was released on 2014 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in examining the financial linkages of economies has increased in the wake of the 2008/2009 global financial crisis. Applying the concepts of beta- and sigma-convergence of stock market returns, we assess changes over time in the degree of stock market integration between Russia and China as well as between them and the United States, the euro area and Japan. Our analysis is based on national and sectoral data spanning the period September 1995 to October 2010. Overall, we find evidence for gradually increasing stock market integration after the 1997 Asian financial crisis and the 1998 Russian financial crisis. Following a major disruption caused by the 2008/2009 global financial crisis, the process of stock market integration resumes between Russia and China, and with world markets. Notably, the episode of sigma-divergence from the 2008/2009 crisis is stronger for China than Russia. We also find that the process of stock market integration and the impact of the recent crisis have not been uniform at the sectoral level, suggesting potential for diversification of risk across sectors.
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.
Book Synopsis China-Africa Stock Market Linkages and the Global Financial Crisis by : Beini Guo
Download or read book China-Africa Stock Market Linkages and the Global Financial Crisis written by Beini Guo and published by . This book was released on 2020 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate the long-run linkages and short-run dynamics among China and five major African stock markets (South Africa, Morocco, Egypt, Nigeria and Kenya), with emphasis on the impact of the global financial crisis on the linkages and transmission mechanisms. In the pre-crisis and crisis era, we find convincing linkages among the stock markets, evidenced by the presence of co-integration and stronger dynamic price transmission. Our results show that the influence of China on the African stock markets became more noticeable during the crisis. Interestingly, after the crisis, the co-integration was lost as the China-Africa stock market linkages became significantly weakened. The influence of China on Africa's stock markets - which was not in doubt prior to and during the crisis - became eroded after the crisis. Thus, our results suggest that Africa's major stock markets have become less connected with China's stock market post crisis, even though China's trade and other economic influence on Africa has grown - an outcome we attribute to a possible disconnect between Africa's real economy and stock markets. Meanwhile, the decoupling of African and Chinese stock markets in the post crisis period suggests that gains from international diversification exist in Africa for portfolio investors and asset managers with nontrivial exposure to China.
Book Synopsis China's Integration into the Global Financial System by : Wendy Dobson
Download or read book China's Integration into the Global Financial System written by Wendy Dobson and published by . This book was released on 2008 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite its importance as an investment destination and major exporting country, china is considerably less integrated into the global financial system than might be expected. The lack of integration stems in part from China's focus on its domestic goals of balancing growth and stability while it transforms and modernizes its economy. Substantially more financial integration can be expected in coming decades, however, as China invests more abroad, develops its domestic financial system, makes its exchange rate more flexible, and further relaxes its capital controls.
Book Synopsis The Evolution of the Stock Market in China's Transitional Economy by : Jianxun Chen
Download or read book The Evolution of the Stock Market in China's Transitional Economy written by Jianxun Chen and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The book The Evolution of the Stock Market in China's Transitional Economy by Chien-Hsun Chen and Hui-Tzu Shih offers valuable insights into the evolution and development of the Chinese stock market. The book was written with an important mission in mind - how to develop an efficient financial system that facilitates innovation and spontaneous evolution of the society.' - Guojun Wu, Journal of Asian Business 'Chien-Hsun Chen and Hui-Tzu Shih have produced an informative and insightful study of China's stock market development. In The Evolution of the Stock Market in China's Transitional Economy, the reader will find a straightforward account of the development of China's stock markets that further clarifies the role China's capital markets will play in the country's financial future.' - Mark T. Fung, The China Business Review The establishment of the Shanghai Stock Exchange in December 1990 was a landmark in China's institutional transformation. With this in mind, the authors consider the factors relating to institutional change - such as changes in the financial system, the scale and structure of stock market, operational efficiency and the regulatory system of the stock market. During the course of its development the Chinese stock market has experienced speculation, dramatic fluctuations and violations of market regulations of frequent and diverse natures. There is therefore, urgent need for the discussion contained within this volume of best procedure policies for the establishment of a properly ordered and regulated market. The authors assess the operational performance of listed companies, and changes in the external environment such as the impact of China's accession to the WTO on the stock market. The authors find that WTO accession will have a more serious impact on the more heavily protected agricultural sector and on capital-intensive industries such as automobile, instruments, cotton and wheat to name a few. They argue that the fundamental reason for the inefficiency of China's stock market is the weakness of the competitive mechanism leading to imperfect competition and rent-seeking activity. This book will be of great interest to academics and researchers of Asian studies and money and finance. Multinational enterprise managers, as well as brokers, dealers, business economists and others involved in the global financial markets will also find this book of value.
Book Synopsis Chinese Securities Companies by : Wu Xiaoqiu
Download or read book Chinese Securities Companies written by Wu Xiaoqiu and published by John Wiley & Sons. This book was released on 2014-09-24 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary opportunities for China's major financial services providers Over the past three decades, China has attained and solidified its position as the world's second-largest economy. There is now an enormous demand for Chinese financial services, especially those related to securities. Chinese Securities Companies is essential reading for anyone involved in Chinese capital markets, because this is a situation that has never been seen before. Management, profit structure, sponsor systems, reform potential—all have unique elements in China, and all are analyzed in depth in this book. Chinese securities expert Wu Xiaoqiu has developed an influential model for understanding China's capital markets in their historical perspective and creating success in this high-demand industry. Read Chinese Securities Companies to understand the four things firms must do in order to exceed the accomplishments of giants like CITIC Securities: Create international vision Develop innovative talent Establish solid capital power Engage in rigorous risk management Using this formula, developed with the aid of research from Moody's, along with a robust historical perspective, Wu Xiaoqiu has written an essential text for anyone involved in global financial services.
Book Synopsis China's Emerging Financial Markets by : Martha Avery
Download or read book China's Emerging Financial Markets written by Martha Avery and published by John Wiley & Sons. This book was released on 2011-12-22 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The 19th century belonged to England, the 20th century belonged to the US and the 21st century belongs to China. Invest accordingly." Warren Buffet This comprehensive resource presents the views of China's most highly respected economists, bankers, and policy makers--along with opinions from Western authorities--on the current state of banking and finance in China. Tracing the history of China's banking and finance system and looking toward its future, the book offers valuable insight for financial service providers, bankers, private equity and hedge fund managers, and equity research and credit analysts. Contributors to the book includes: Jamie Dimon — Chairman & CEO, JPMorgan Chase Bank Guo Shuqing — Chairman, China Construction Bank Paul Volcker — Former Chairman, U.S. Federal Reserve Stephen S. Roach — Chairman, Morgan Stanley Asia Wang Dongming — Chairman, CITIC Securities Co., Ltd; and many more!
Book Synopsis Shanghai-London Stock Connect by : Lerong Lu
Download or read book Shanghai-London Stock Connect written by Lerong Lu and published by . This book was released on 2019 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shanghai-London Stock Connect (SLSC) is an innovative cross-border financial markets listing and trading mechanism linking Chinese stock market with its British counterpart. It allows Chinese public companies to issue Global Depository Receipts (GDR) to be traded on the London Stock Exchange. Similarly, UK-listed companies can issue Chinese Depository Receipts (CDR) to obtain a secondary listing on the Shanghai Stock Exchange. SLSC enables British and international investors to purchase the shares of some of the best companies in the world's second largest economy. The market scale of GDR amounts to $2.9 trillion while the size of the CDR market is predicted to exceed $800 billion, which could generate substantial revenues for investment banks and city law firms. The threshold of issuing either GDR or CDR is relatively high as issuers have to have a minimum market capitalisation of RMB 20 billion (US$2.92 billion). More than 260 of the 1,500 Shanghai-listed companies will be potentially eligible to participate in the project. On 17 June 2019, Huatai Securities, one of China's largest brokerages, has become the first Chinese public company to be dual-listed on the LSE via the latest SLSC. Huatai raised $1.7 billion from selling 82.5 million GDRs to international investors. HSBC is said to be the first UK company to apply for a CDR listing in Shanghai. SLSC has raised multiple technical and regulatory challenges in relation to time difference, information disclosure, investor protection, cross-border financial supervision, as well as cross-border dispute resolution.
Book Synopsis The Future of China's Bond Market by : Mr. Alfred Schipke
Download or read book The Future of China's Bond Market written by Mr. Alfred Schipke and published by International Monetary Fund. This book was released on 2019-03-13 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.
Book Synopsis Capital Markets with Chinese Characteristics by : Johannes Petry
Download or read book Capital Markets with Chinese Characteristics written by Johannes Petry and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Interdependence, Digitalization and Technological Rivalries by : René W.H. van der Linden
Download or read book Financial Interdependence, Digitalization and Technological Rivalries written by René W.H. van der Linden and published by Springer Nature. This book was released on 2023-05-18 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Palgrave Pivot investigates how the Chinese and United States financial systems are becoming increasingly interdependent, in spite of a simultaneous technological rivalry and ‘decoupling’ between the two nations. The book offers a comparative analysis of Sino-US financial systems before and after the global financial crisis of 2008-2009, demonstrating the deepening integration of China into global financial markets and its move from an indirect bank-based system towards a direct market-oriented system. It discusses the economic and technological competition that has arisen between the US and China, the two largest financial centers based on financial technology, and demonstrates the differences in national interest driving processes of digitalization and FinTech applications. At the same time, the book points to ways in which a market-oriented global financial system and the rapid international growth of financial technology make future cooperation inevitable and necessary. This book places Sino-US financial relations in a broader financial-economic perspective and will be of interest to academics, consultants and students working in banking and finance, international financial markets, comparative economics, monetary theory and Chinese business studies.
Book Synopsis Shifting Capital by : Paola Subacchi
Download or read book Shifting Capital written by Paola Subacchi and published by Chatham House (Formerly Riia). This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summary: China's financial integration will trigger fundamental changes in the global economy in the coming decades. Financial reform will eventually allow Beijing to open China's capital account fully and to make its currency fully convertible. In turn, this will help in rebalancing the global economy and eventually alter the international monetary system. This is why policy-makers around the world, and particularly those from other systemically important countries, should pay close attention to the changing financial landscape in China. This report focuses on the steps that China is taking to reform its financial services sector through the incremental development of the financial centers in the Greater China region. As clusters of activities and services that connect different operators and facilitate financial transactions among them, financial centers are where China's reform measures are seen in action and where their impact can be assessed and measured. Thus they are the report's main unit of analysis. The report takes a broad regional approach, and so includes the four financial centers in Greater China, Shanghai, Shenzhen, Hong Kong and Taipei. These are centers that, in different ways and with different competitive advantages, both rival and complement one another in serving Greater China's large regional economy, as well as helping it become more integrated in the world economy.
