The dynamics of Asian financial integration: facts and analytics / ed. by M.B.Devereux, P.R.Lane, C. - Y.Park, S.-J.Wei. - London; New York: Routledge, 2011. - xxv, 316 p.: ill. - (Routledge studies in the modern world economy; 87). - Ind.: p.311-316. - ISBN 978-0-415-59551-3; ISBN 978-0-203-83405-3  Место хранения:   022 | Институт экономики и организации промышленного производства | Новосибирск

Оглавление / Contents

List of tables ............................................... xiii List of figures ................................................ xv Abbreviations and acronyms .................................. xviii List of contributors ........................................... xx Acknowledgments .............................................. xxii Foreword ..................................................... xxiv Executive summary and overview .................................. 1 MICHAEL B. DEVEREUX, PHILIP R. LANE, CYN-YOUNG PARK, AND SHANG-JIN WEI Why is financial integration an important topic for Asia? .... 1 What do we try to achieve with this book? .................... 7 What is the key content? ..................................... 9 References .................................................. 17 1 Regional and global financial integration: an analytical framework ................................................... 19 PHILIPPE MARTIN 1.1 A simple model of global and regionalfinancial integration ............................................ 22 1.2 Global financial integration ........................... 27 1.3 Regional financial integration ......................... 28 1.4 Empirical implications: the case of the euro and some preliminary results for Asia ........................... 30 1.5 Financial market geography andfinancial integration .... 37 1.6 Regional and global financial integration and financial crises ....................................... 40 1.7 Conclusion and implications for Asian countries ........ 46 Appendix: Economies included in the data on world asset holdings ......................................... 47 References ............................................. 49 2 International capital mobility of East Asian economies: is domestic investment financed by regional or global saving? ..................................................... 52 SOYOUNG KIM. SUNGHYUN H. KIM, AND CYN-YOUNG PARK 2.1 Financial integration and capital flows in East Asia ... 54 2.2 Empirical method ....................................... 56 2.3 Empirical results ...................................... 59 2.4 Conclusion ............................................. 73 References ............................................. 75 3 The evolution of regional and global risk-sharing in East Asian economies ............................................. 77 PIERFEDERICO ASDRUBALI AND SOYOUNG KIM 3.1 The risk-sharing literature ............................ 78 3.2 The empirical method ................................... 80 3.3 Results ................................................ 84 3.4 Conclusions ............................................ 89 References.............................................. 91 4 Regional and global drivers of the portfolio holdings of Asian investors ............................................. 93 PHILIP R. LANE 4.1 Conceptual framework ................................... 95 4.2 Portfolio data ......................................... 96 4.3 Stylized facts ......................................... 97 4.4 Empirical setup ........................................ 97 4.5 Conclusions ........................................... 107 References ............................................ 108 5 Regional and global short-term financial market integration in Asia: evidence from the interbank markets under the crises ........................................... 110 SHIN-ICHI FUKUDA 5.1 The interbank offered rates ........................... 112 5.2 Integration between LIBOR and TIBOR ................... 115 5.3 Integration between London and Singapore .............. 119 5.4 Integration between HIBOR and LIBOR ................... 123 5.5 Integration of Malaysia's rates with LIBOR ............ 126 5.6 Integration of BIBOR with LIBOR ....................... 131 5.7 Concluding remarks .................................... 132 References ............................................ 134 6 Stock market integration and financial contagion ........... 135 KEE-HONG BAE 6.1 Measuring stock market integration .................... 137 6.2 Stock market integration andfinancial contagion ....... 157 6.3 Summary and conclusions ............................... 171 References ............................................ 172 7 Stock market integration: emerging East Asia's experience ................................................. 174 MARTHE HINOJALES AND CYN-YOUNG PARK 7.1 Survey of the literature on emerging East Asian financial integration ................................. 176 7.2 Empirical analysis .................................... 178 7.3 Conclusions and policy implications ................... 198 Appendix: Details of factor analysis .................. 199 References ............................................ 202 8 Global and regional financial accelerator integration ...... 204 WOON GYU CHOI AND DAVID COOK 8.1 The model ............................................. 206 8.2 Calibration ........................................... 215 8.3 Domestic shocks ....................................... 216 8.4 Foreign shocks ........................................ 218 8.5 Monetary policy ....................................... 221 8.6 Conclusion ............................................ 224 Appendix: Multilocation entrepreneurs ................. 225 References ............................................ 226 9 Financial contagion and vulnerability of Asian financial markets .................................................... 229 MICHAEL B. DEVEREUX AND JAMES YETMAN 9.1 Empirical evidence on financial linkages and leverage constraints .................................. 233 9.2 A model of leverage constraints and portfolio interdependence ....................................... 239 9.3 Effects of productivity shocks ........................ 248 9.4 Conclusions ........................................... 256 References ............................................ 257 10 Not all financial integration is created equal: the composition matters ........................................ 259 SHANG-JIN WEI 10.1 Not all capital flows are created equal: a look at the relative volatility ............................... 262 10.2 Evidence on the composition effect during the global financial crisis ...................................... 268 10.3 Corruption versus financial development: which matters for the composition of capital flows and how? .................................................. 273 10.4 Conclusion ............................................ 280 References ............................................ 280 11 What happened to the East Asian business cycle? ............ 284 JEAN IMBS 11.1 Measurement strategy .................................. 286 11.2 What happened to the international business cycle? .... 290 11.3 What happened to trade and financial linkages? ........ 301 11.4 Conclusion ............................................ 308 References ................................................. 309 Index ......................................................... 311