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Financial Integration in East Asia: An Empirical Investigation

dc.contributor.authorHyun-Hoon Lee
dc.contributor.authorHyeon-Seung Huh
dc.contributor.authorDonghyun Park
dc.date.accessioned2015-04-28
dc.date.accessioned2015-04-29T14:32:54Z
dc.date.available2015-04-29T14:32:54Z
dc.date.issued2013-01-03
dc.identifier.urihttp://hdl.handle.net/11540/4293
dc.description.abstractThe central objective of this paper is to empirically evaluate the degree of linkages among East Asian equity and bond markets. Using data from the IMF’s Coordinated Portfolio Investment Survey (CPIS), we find that intra-East Asian financial asset holdings of four East Asian countries – Japan, Korea, Hong Kong 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 intra-regional trade linkages and reflect those linkages. Therefore, the salient implication for regional policymakers is that they should continue to promote intra-regional financial integration. This paper also aims to analyse the impact of three different types of country-specific risks – political, economic and financial risks – on investment from the four countries. This analysis yields a clear positive relationship between destination-country risk, in particular political risk, and capital inflows.
dc.languageEnglish
dc.publisherWiley
dc.titleFinancial Integration in East Asia: An Empirical Investigation
dc.typeJournals
dc.subject.expertAsian Development Bank
dc.subject.expertDevelopment
dc.subject.expertRegional Economic Integration
dc.subject.expertFinancial Sector Policies
dc.subject.expertFinancial Risk Management
dc.subject.expertBond Financing
dc.subject.adbEconomic integration
dc.subject.adbDevelopment Bank
dc.subject.adbCapital Market
dc.subject.adbRegional Plans
dc.subject.adbRegional Development Bank
dc.subject.adbDevelopment finance
dc.subject.naturalDevelopment Banks
dc.subject.naturalLocal government bonds
dc.subject.naturalBonds
dc.subject.naturalCatastrophe bonds
dc.subject.naturalBond funds
dc.subject.naturalBond market
dc.subject.naturalMultilateral development banks
dc.title.seriesWorld Economy
dc.title.volumeVol 36, Issue 4
dc.contributor.imprintWiley
oar.themeFinance
oar.themeRegional
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-008068
oar.authorLee, Hyun-Hoon
oar.authorHuh, Hyeon-Seung
oar.authorPark, Donghyun
oar.importtrue
oar.externallinkhttp://onlinelibrary.wiley.com/doi/10.1111/twec.12030/abstract
oar.googlescholar.linkpresenttrue


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