دانلود رایگان مقاله لاتین شواهد بازار اوراق قرضه در ادغام مالی آسیا از سایت الزویر
عنوان فارسی مقاله:
ادغام مالی آسیا: جهانی یا منطقه ای؟ شواهد از بازار پول و اوراق قرضه
عنوان انگلیسی مقاله:
Asian financial integration: Global or regional? Evidence from money and bond markets
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Literature
review Existing literature has employed various indices to measure the extent of financial integration. Generally speaking, there are three categories of financial integration measures. The first involves price-based measures. These measures are largely embodied in the interest parity conditions in the money market, including covered interest rate parity (CIP), uncovered interest parity (UIP) and real interest rate parity (RIP), as well as co-movements in assets returns of stock and bond markets. The CIP relationship is a popular measure of testing for financial integration as in the absence of risk differences and market shocks, there should be equality between the interest rate differential and the forward exchange rate premium, hence signalling financial integration. Kearney and Lucey (2004) refer to the price-based measures as a direct measure since it invokes the law of one price whereby unrestricted international capital flows would lead to an equalisation of the rates of return across countries. The second category refers to volume-based measures. Two widely used measures in this category include savingsinvestment correlations pioneered by Feldstein and Horioka (1980) and consumption correlations (e.g., Bayoumi, 1997; de Browuer, 1999). The third category is broadly based on regulatory or institutional factors. Often capital controls and legal restrictions such as restrictions on foreign equity holdings are employed to assess the extent of financial integration (e.g., Grilli & Milesi-Ferretti, 1995; Magud & Reinhart, 2006). Alternatively, Kearney and Lucey (2004) categorise two broad categories of financial integration — direct and indirect measures. The former refers to measures based on the law of one price, namely CIP, UIP and RIP as mentioned above. The indirect measures include two approaches with the first one invoking the concept of international capital market completeness (Stockman, 1988) and the second is based on Feldstein and Horioka's (1980) savings–investment relation. Since it is now recognised that the correlation between savings and investment does not have implications for the degree of mobility of international capital flows, Kearney and Lucey (2004) conclude that the two most useful definitions of financial integration are CIP and capital market completeness. Baele, Fernando, Hordahl, Krylova, and Monnet (2004) consider three categories of financial integration measures — pricebased measures, news-based measures and quantity-based measures. The second category of measures tests whether returns on assets across countries are influenced by local or world-wide news (see Baltzer, Cappiello, De Santis, and Manganelli (2008) for a similar definition). The price movements of a benchmark asset are typically used as a proxy for global news. The logic behind the first two categories is the law of one price. The third category employs information on the ease of market access to measure the extent of financial integration, It is also worth pointing out that some more recent price-based measures have emerged since but are mostly applied to capital markets. For instance, Volosovych (2011, 2013) have introduced an integration index in the context of capital market integration using a dynamic principal component analysis. This approach has also been applied by Donadelli and Paradiso (2014).
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کلمات کلیدی:
[PDF]Benefits of Global and Regional Financial Integration in Latin America https://www.brookings.edu/wp-content/.../global_20170426_imf-working-paper.pdf by L Eyraud - 2017 - Related articles Apr 26, 2017 - Benefits of Global and Regional Financial Integration in Latin America ..... economies, Africa, Asia, emerging Europe, Latin America and the ... [PDF]Regional and Global Financial Integration in East Asia - University of ... https://eml.berkeley.edu/~eichengr/af/leejong.pdf by S Kim - 2005 - Cited by 91 - Related articles Sep 29, 2005 - Regional and Global Financial Integration in East Asia. Soyoung Kim. Jong-Wha Lee and. Kwanho Shin. Economics Department, Korea ... Global and Regional Financial Integration in Emerging Asia: Evidence ... https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2985329 by GM Caporale - 2017 - Related articles Jun 13, 2017 - This paper employs a price-based measure of integration, namely stock return differentials between ten emerging Asian economies and the US ...
