Financial Integration in Emerging Asia: Challenges and Prospects
Financial Integration in Emerging Asia: Challenges and Prospects
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亚洲新兴市场的金融一体化：挑战与前景
DOI：
10.1111/j.1748-3131.2011.01193.x
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
Jong‐Wha Lee
中科院分区：
文献类型：
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作者：
Cyn‐Young Park;Jong‐Wha Lee
本文采用基于数量和价格的金融一体化衡量标准，表明亚洲新兴市场的金融开放和一体化程度不断提高。本文还评估了区域冲击相对于全球冲击对当地股票和债券市场的影响。本文的研究结果表明，尽管自 1997/98 年亚洲金融危机以来，区域和全球一体化程度均显着提高，但该地区股票市场的全球一体化程度高于区域一体化程度。然而，新兴亚洲的本币债券市场总体上仍处于分割状态，既没有实现区域一体化，也没有实现全球一体化。加强金融市场的区域一体化可以带来好处。区域层面的金融一体化使该地区的经济体能够从配置效率和风险分散中受益。本文的研究结果表明，该地区的政策制定者必须在最大化区域和全球金融开放的净收益与最小化金融蔓延和危机的潜在成本之间取得适当的平衡。
Using both quantity- and price-based measures of financial integration, this paper shows an increasing degree of financial openness and integration in emerging Asian markets. This paper also assesses the impact of a regional shock relative to a global shock on local equity and bond markets. The findings of this paper suggest that the region’s equity markets are integrated more globally than regionally, although the degrees of both regional and global integration have increased significantly since the 1997/98 Asian financial crisis. However, emerging Asia’s local currency bond markets remain generally segmented, being neither regionally nor globally integrated. A case can be made for the benefits of increased regional integration of financial markets. Financial integration at the regional level allows for the region’s economies to benefit from allocation efficiency and risk diversification. The findings of this paper suggest that policymakers in the region must strike the right balance between maximizing the net benefits from regional and global financial openness, and minimizing the potential costs of financial contagion and crisis.
日本宏观经济公告对美元/日元汇率的影响
DOI：
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发表时间：
2009
期刊：
影响因子：
--
作者：
Hara;H.;Aoki;S. and Takemura;A.;丸山敦裕;柄谷利恵子;中田邦博;百原 新;伊藤隆敏;H.Tanizaki;本久洋一;吉澤誠一郎;松田素二;亀田修一;YAMAKAGE Susumu;本久洋一;高橋美由紀;橋本優子
通讯作者：
橋本優子