Arbeitspapier
Financial Integration in East Asia: An Empirical Investigation
The central objective of this paper is to empirically evaluate the degree of linkages among East Asian equity and bond markets. The primary contribution of our paper to the empirical literature is that we use a financial gravity model grounded in economic theory. Using data from the International Monetary Fund's Coordinated Portfolio Investment Survey, we find that intra-East Asian financial asset holdings of four East Asian economies - Hong Kong, China; Japan; the Republic of Korea; and Singapore - are larger than the levels predicted by the financial gravity model. However, our analysis suggests that this result is likely to be driven by intraregional trade linkages, and reflects those linkages. Therefore, the salient implication for regional policy makers is that they should continue to promote intraregional financial integration. This paper also aims to analyze the impact of three different types of country-specific risks - political, economic, and financial risks - on investment from the four economies. This analysis yields a clear positive relationship between destination-country risk, particularly political risk and capital inflows.
- Sprache
-
Englisch
- Erschienen in
-
Series: ADB Economics Working Paper Series ; No. 259
- Klassifikation
-
Wirtschaft
- Thema
-
Economic Development
Economic Infrastructure
Economic Policies
Regional Economic Development
Microfinance Programs
Public Finance
Finanzmarktregulierung
Rentenmarkt
Marktintegration
Gravitationsmodell
Hongkong
Japan
Südkorea
Singapur
Ostasien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lee, Hyun-Hoo
Huh, Hyeon-seung
Park, Donghyun
- Ereignis
-
Veröffentlichung
- (wer)
-
Asian Development Bank (ADB)
- (wo)
-
Manila
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Lee, Hyun-Hoo
- Huh, Hyeon-seung
- Park, Donghyun
- Asian Development Bank (ADB)
Entstanden
- 2011
Ähnliche Objekte (12)
Capital Outflows, Sovereign Wealth Funds, and Domestic Financial Instability in Developing Asia
Globalization, Erosion of Tax Base, and the Revenue Potential of Developing Asia's Foreign Exchange Reserve Build-Up
Ageing Asia's Looming Pension Crisis
Beyond Liquidity: New Uses for Developing Asia's Foreign Exchange Reserves
Performance of the Service Sector in the Republic of Korea: An Empirical Investigation
Financial Integration in Asset and Liability Holdings in East Asia
A New Multi-Dimensional Framework for Analyzing Regional Integration: Regional Integration Evaluation (RIE) Methodology
Economic Growth, Financial Development, and Income Inequality
Are Developing Asia's Foreign Exchange Reserves Excessive? An Empirical Examination
An Empirical Analysis of East Asia's Pre-crisis Daily Exchange Rates
Can Trade with the People's Republic of China be an Engine of Growth for Developing Asia?
Impact of Population Aging on Asia's Future Growth
Capital Outflows, Sovereign Wealth Funds, and Domestic Financial Instability in Developing Asia
Globalization, Erosion of Tax Base, and the Revenue Potential of Developing Asia's Foreign Exchange Reserve Build-Up
Ageing Asia's Looming Pension Crisis
Beyond Liquidity: New Uses for Developing Asia's Foreign Exchange Reserves
Performance of the Service Sector in the Republic of Korea: An Empirical Investigation
Financial Integration in Asset and Liability Holdings in East Asia
A New Multi-Dimensional Framework for Analyzing Regional Integration: Regional Integration Evaluation (RIE) Methodology
Economic Growth, Financial Development, and Income Inequality
Are Developing Asia's Foreign Exchange Reserves Excessive? An Empirical Examination
An Empirical Analysis of East Asia's Pre-crisis Daily Exchange Rates
Can Trade with the People's Republic of China be an Engine of Growth for Developing Asia?
Impact of Population Aging on Asia's Future Growth
Capital Outflows, Sovereign Wealth Funds, and Domestic Financial Instability in Developing Asia
Globalization, Erosion of Tax Base, and the Revenue Potential of Developing Asia's Foreign Exchange Reserve Build-Up
Ageing Asia's Looming Pension Crisis
Beyond Liquidity: New Uses for Developing Asia's Foreign Exchange Reserves
Performance of the Service Sector in the Republic of Korea: An Empirical Investigation
Financial Integration in Asset and Liability Holdings in East Asia
A New Multi-Dimensional Framework for Analyzing Regional Integration: Regional Integration Evaluation (RIE) Methodology
Economic Growth, Financial Development, and Income Inequality
Are Developing Asia's Foreign Exchange Reserves Excessive? An Empirical Examination
An Empirical Analysis of East Asia's Pre-crisis Daily Exchange Rates
Can Trade with the People's Republic of China be an Engine of Growth for Developing Asia?