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    The Changing Network of Financial Market Linkages: The Asian Experience

    Chowdhury, Biplob; Dungey, Mardi; Kangogo, Moses; Sayeed, Mohammad Abu; Volkov, Vladimir | October 2018
    Abstract
    Recent international financial crises highlight the advantages of understanding the global financial system as a network of economies in which cross-border financial linkages are fundamental to the spread of systemic risk. We investigate the changing network of financial markets for six periods from 1995–2016, constructing a network that captures the concepts of the direction of links between markets, the significance of these links, and their strength. Emphasis is placed on the transition of the networks before and after the Asian financial crisis of 1997–1998 and the global financial crisis of 2008–2009. The analysis demonstrates the increase in interconnectedness during periods of stress and the fall in the number of links in post crisis periods. At the same time, the results reveal a general deepening of the connections of the Asian market with the rest of the world over the past 2 decades. They also suggest that many of these markets have transitioned from being primarily linked to developed non-Asian markets through key bridge markets (such as Hong Kong, China) to developing stronger direct links with these external markets, highlighting the importance of key geographical nodes in market development.
    Citation
    Chowdhury, Biplob; Dungey, Mardi; Kangogo, Moses; Sayeed, Mohammad Abu; Volkov, Vladimir. 2018. The Changing Network of Financial Market Linkages: The Asian Experience. © Asian Development Bank. http://hdl.handle.net/11540/8802. License: CC BY 3.0 IGO.
    ISSN
    2313-6537 (print)
    2313-6545 (electronic)
    Keywords
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Foreign and Domestic Financing
    Foreign Direct Investment
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Business Financing
    Investment Requirements
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Investment Requirements
    Banks
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Financial crisis
    Credit control
    Credit allocation
    Capital market
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/8802
    Metadata
    Show full item record
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    ewp-558-financial-market-linkages-asian-experience.pdf (1.315Mb)
    Author
    Chowdhury, Biplob
    Dungey, Mardi
    Kangogo, Moses
    Sayeed, Mohammad Abu
    Volkov, Vladimir
    Theme
    Finance
    Economics
     
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise