Capital Market Integration in the Pacific Basin Region : An Analysis of Real Interest Rate Linkages / Kate Phylaktis.

Format:

Book

Government document

Author/Creator:

Phylaktis, Kate.

Series:

IMF Working Papers; Working Paper ; No. 1995/133

IMF Working Papers

Language:

English

Physical Description:

1 online resource (32 pages)

Place of Publication:

Washington, D.C. : International Monetary Fund, 1995.

Language Note:

English

Summary:

This paper investigates the extent to which financial markets in the Pacific Basin Region have become more integrated, by analyzing the comovements of real interest rates. The paper uses cointegration and error correction models and draws inferences on the degree of capital market integration by looking at the speed of adjustment of real interest rates following a shock. The results show that there has been an increase in capital market integration with both U.S. and Japan during the 1980s. Japan has not, however, overtaken U.S. in dominating the financial markets of these countries, except possibly in the case of Malaysia. Capital market integration is found to be greater in Singapore, Hong Kong and Taiwan Province of China. On the other hand, Japan is the least integrated country with the United States.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

ISBN:

9786613801609

9781462382187

1462382185

9781455283842

1455283843

9781282108257

1282108255

9781455219155

1455219150