Download or read book Asian Capital Market Development and Integration written by Asian Development Bank and published by Oxford University Press, USA. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiscal crisis in Europe continues to cast a shadow on the global economic outlook, and the securities issued by the United States and European nations are losing their status as traditional safe assets and reserve value. As a result, investors and governments are looking to diversify their investment portfolio with emerging markets, particularly Asian bonds. Such renewed interest has led to excessive capital inflows, making the region increasingly vulnerable to external shocks. However, on the other hand, it leads to abundant liquidity in the capital markets, which reduces financing costs and expands investment opportunities. This book analyses this dilemma and proposes that development of local bond markets and achieving greater market depth and interconnectedness is the best bet to prevent the reoccurrence of a currency crisis like 1997. It thus, assesses the progress achieved thus far in capital market integration in Asia, and compares it with its global peers. The study also assesses the degree to which volatility in equity and bond market returns, driven by financial turmoil originating at both the regional and global levels, spills over into emerging Asia domestic equity and bond markets. The results of this analysis indicate that such spill-over significantly impacts both domestic equity and bond markets in the region. This finding suggests that on-going regional capital market integration initiatives should take into account the risk of contagion that regional financial integration presents, and introduce measures for mitigating such risk as a means of ensuring financial stability in the region.
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.
Download or read book Asian Capital Market Integration written by Cyn-Young Park and published by . This book was released on 2013 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Market Integration in South Asia written by Sourajit Aiyer and published by Elsevier. This book was released on 2016-11-03 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Market Integration in South Asia: Realizing the SAARC Opportunity discusses the potential Capital Market Products/Activities which can create closer inter-linkage of the South Asian capital markets and help local/global investors benefit from this economic opportunity. While some ideas may be implementable now; others have future promise as the regional markets further mature. The book demonstrates both retail and institutional investor interest in this combined high-growth region by offering scope for yield, diversification and risk mitigation, maximized upside from multiple growth markets, minimized downside through low-correlation constituents, and more. The book's core theme addresses the challenges towards deepening the awareness and acceptability of regional economies. Only when this happens will the asset flows increase into the regional market products, providing scale-up that will aid viability for these products. Presents unconventional ideas for converting SAARC’s unique opportunities into ideas for capital markets Includes socioeconomic issues as a part of the discussion Offers a unique perspective on how the region’s economic opportunities can be translated into actual products Includes numerous charts and figures on South Asia’s economic state, its financial opportunities, and projected growth
Download or read book Development of Capital Markets in Member Countries of the South Asian Association for Regional Cooperation written by Asian Development Bank and published by Asian Development Bank. This book was released on 2013-10-01 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the development and barriers to harmonization and integration among the capital markets of members of the South Asian Association for Regional Cooperation and enumerate steps to achieving harmonization and integration. The globalization of capital markets has encouraged moves toward regional harmonization and integration. This report examines and compares the level of development of capital markets in the South Asian region, assesses the prospects for greater harmonization and integration, and proposes a set of measures to move that process forward. The study of the markets shows wide variations not only in market size but also in the standards of regulation and general development. The level of integration and harmonization of South Asian capital markets is low. There are major barriers including exchange controls, ownership restrictions, and differences in regulatory standards and enforcement capacity. The proposals address some of these barriers and include measures to promote awareness, stimulate innovation, raise regulatory standards, and champion the value of integration.
Download or read book Financial Deregulation and Integration in East Asia written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
Download or read book The Shifting Sands of Capital Market Development and Integration in ASEAN written by Michelle Dy and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The plan to develop the capital markets of the members of the Association of Southeast Asian Nations (ASEAN) traces its origins to events which transpired long before the launch of ASEAN Economic Community (AEC) project in 2003. In 1997, the ASEAN markets experienced a severe financial crisis which was partly blamed on the heavy dependence on banking institutions for access to finance. As a response, initiatives aimed at deepening the region's capital markets for it to become a viable financing alternative were adopted. This was subsequently superseded in 2003 by plans to streamline and harmonize capital market regulatory systems as part of the AEC's goal to have a freer flow of capital. After the official establishment of the AEC in 2015, the ASEAN Capital Market Integration Initiative (ACMI) is undergoing another paradigm shift with the new AEC Blueprint 2025 now placing greater emphasis on “ensuring that the financial sector is inclusive”. With the constant evolution of the ACMI agenda to keep up with external developments, it is now important to ask whether ASEAN member states have managed to keep pace or are struggling to proceed to the next stage of needed reforms. To answer this question, the chapter shall look at the country-level implementation of the capital market integration plan before and after the adoption of the AEC Blueprint 2025 in two ASEAN member states, namely: Indonesia and the Philippines. The chapter shall also identify the pressing issues each country is experiencing in its implementation efforts and recommend solutions to address it.
Download or read book Capital Market Reform in Asia written by Masahiro Kawai and published by Sage Publications Pvt. Limited. This book was released on 2012-08-24 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Market Reform in Asia is a compilation of selected papers that captures the essence of the issues and challenges that contributed to capital market reform in the Asian region. The central theme of this volume is to chart the progress of capital market development in Asia after the 1997-1998 Asian financial crisis, to understand the complex process of capital market deepening in emerging market economies, and to acknowledge that in the aftermath of the global financial crisis of 2007-2009, robust Asian capital markets are crucial for mobilizing domestic savings for investments in Asia, both nationally and regionally. The book provides new insights into several important themes in capital market reforms in asia and is written by Asian financial policymakers, practitioners, scholars and experts invited by the organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank Institute (ADBI).
Download or read book Drivers of Financial Integration Implications for Asia written by Nasha Ananchotikul and published by International Monetary Fund. This book was released on 2015-07-17 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.
Download or read book Real and Financial Integration in Asia written by Shandre Thangavelu and published by Routledge. This book was released on 2012 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2012. Routledge is an imprint of Taylor & Francis, an informa company.
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Download or read book Financial Integration and Macrofinancial Linkages in Asia written by Asian Development Bank and published by Asian Development Bank. This book was released on 2020-10-01 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian financial landscape has grown more interconnected over the past 2 decades. Previous financial crises have shown how financial volatility can transmit rapidly across an interconnected financial network. Empirical analyses have shown, moreover, how financial volatility can reverberate across the macroeconomy. This report summarizes the lessons from past crises, reviews the evidence of the macrofinancial linkages and feedback effects of financial distress, and proposes policy considerations and coordinated responses to enhance financial stability and resilience.
Download or read book Asia s Debt Capital Markets written by Douglas W. Arner and published by Springer Science & Business Media. This book was released on 2006-12-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume comprises studies by leading research scholars in the United States and Asia on Asia’s debt capital markets. The book is unique in drawing upon the research, experience and perspectives of experts from the academic, legal, governmental and practical investment fields. They assess the risks and opportunities, and strategies for developing these markets. The authors adopt a multidisciplinary approach, encompassing economics, finance and law.
Download or read book Economic and Financial Integration in South Asia written by Sanjay Sehgal and published by Taylor & Francis. This book was released on 2020-10-25 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the current state and potential of economic and financial integration in South Asia, which has emerged as one of the most dynamic regions of the world. It looks at how regional convergences and cooperation would reinforce ties amongst the diverse economies of South Asia in the changing global economic landscape. Drawing on empirical research, the book looks at the degree of economic and financial integration in South Asia, which according to the World Bank includes the least integrated regions in the world, and explores the fundamental factors that drive integration amongst these countries. It offers important insights into the financial landscape of the region, as well as the dynamics of the interlinkages in the banking system, the stock markets, and the debt markets. The book examines the role of bilateral trade in augmenting regional economic ties, the opportunities for growth these will foster, and the major challenges and roadblocks for the leaders of the region. It also provides an overview of China’s role in South Asia’s financial integration and the interdependence of these economies for economic opportunities, macroeconomic and financial stability, jobs, sustainable growth, and inclusive development. Detailed and insightful, this book will be of great interest to investors and regional policymakers. It will also be of interest to researchers and students of economics, public and foreign policy, finance, international relations, and South Asia studies.
Download or read book Asia Capital Markets Monitor written by Asian Development Bank and published by Asian Development Bank. This book was released on 2011-08-01 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two-speed global economy continues to favor emerging Asian markets. After an early year correction, the region's markets are poised to gain on sound fundamentals. The Asia Capital Markets Monitor reviews emerging Asia's stock, bond, and currency markets and assesses their outlook, risks, and policy implications. This issue includes a special section on financial integration and capital flow volatility in emerging Asia: issues and policies.
Download or read book Finance in Asia written by Qiao Liu and published by Routledge. This book was released on 2013-03-12 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asia’s demand for second-generation financial institutions and markets needs to be met in order for the region’s further development to be sustained. This book provides a compelling, fact-based assessment of current practices and regulations in Asia’s financial institutions and markets and carefully documents the exciting opportunities and challenges that lie ahead in the region’s financial systems. This book differs in design from typical treatments of financial institutions and markets because its focus is on Asia rather than using the US model (in terms of market configurations or products) as a benchmark, and its takes a contemporary and forward-looking view of financial markets. Examples of practice from Asia are used to illustrate major accepted themes in finance and financial regulation. To the extent that Asia’s main economies share characteristics that are distinct, for example, in the relationship between government and the banking sector, or in aspects of corporate governance, the book will discuss the consequences for market operation and intermediation. The book’s carefully structured facts and rigorously argued analysis carry important implications both for students in business and law and for professionals new to financial markets in Asia. It will change the way that Asian financial markets and institutions is taught in universities as well as provide a valuable resource for professionals working in finance in Asia.
Download or read book Capital Market Integration written by Mr.Masafumi Yabara and published by International Monetary Fund. This book was released on 2012-01-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.
