Studies On Financial Markets In East Asia

Author : Masayuki Susai,Shigeru Uchida
Publisher : World Scientific
Page : 188 pages
File Size : 52,8 Mb
Release : 2011-01-31
Category : Business & Economics
ISBN : 9789814460699

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Studies on Financial Markets in East Asia by Masayuki Susai,Shigeru Uchida Pdf

This book will be an important addition to the limited number of books that discuss finance and accounting issues in East Asian countries. While presenting recent empirical studies on finance and accounting in East Asian economies, it also reveals the underlying reasons for remarkable economic growth and emerging performance of the financial markets in the East Asian countries. It introduces newly developed financial products, institutions, governance mechanism, banking policy changes and their implications in the East Asian economies, and discusses the way forward for these economies with recommendations for policy implications. It also contains suggestions for other developing countries trying to achieve rapid growth. Contents:Multi Foreign Exchange Rate Relations in Turbulent Market: Lessons from Lehman ShockThe Asymmetric Contagion from the US Stock Market Around the Subprime CrisisCan Monetary Policy target on Asset Price? Evidence from Chinese Real Estate MarketRelationship Banking and Firm ProfitabilityThe Choice between Dividend and Share RepurchaseBanking Relationships in East Asian Economies: Lessons for Developing CountriesAn Econometric Analysis of Japanese Government Bond Markets in the Prewar and Postwar PeriodsHedging, IPOs and Japanese Days-of-the-Week Stock Return Patterns Return, Volatility and Liquidity of the JGB FuturesConsistency of Risk Attitude and Other Investment Behavior of Japanese Fund Managers Readership: Researchers, graduate students and academicians interested in financial markets and Asian economies. Keywords:Financial Market;Foreign Exchange Rate;Sub-prime Crisis;Real Estate Market;Relationship Banking;Dividend and Share;Stock Market;Government Bond;;Hedging;IPO;Return;Volatility;Liquidity;Risk Attitude;Investment Behavior;Fund ManagersKey Features:One of the few books on East Asian Economies written in EnglishCovers a wide range of topics like capital market, foreign exchange market, real estate market, banking including recent ones like sub-prime crisis, Lehman shock, etc.

Author : Yŏng-chʻŏl Pak,Yunjong Wang,Takatoshi Itō
Publisher : Edward Elgar Pub
Page : 548 pages
File Size : 44,8 Mb
Release : 2005
Category : East Asia
ISBN : UCSD:31822035219500

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A New Financial Market Structure for East Asia by Yŏng-chʻŏl Pak,Yunjong Wang,Takatoshi Itō Pdf

This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia's dependency on financial centers outside the region is also relatively high, and that there is no strong region-wide network to connect various financial centers in East Asia. Against this economic background, the contributors make recommendations for the establishment of effective and stable capital recycling in East Asia. The financial intermediary function of the regional financial centers - Hong Kong, Singapore and Tokyo - is evaluated. Discussion focusses on the issues of building an organic network between the financial markets of major economies in the region and enhancing the future role and function of those regional financial centres. The policy implications of the future development of regional financial markets - based on regional financial networks - that could potentially act as intermediaries between the high savings and productive sectors in East Asia are also examined. Concentrating on the major issues identified as central to building a new financial market structure in East Asia, this book will be appeal to those with a special interest in Asian studies and financial economics.

Author : Takatoshi Ito,Anne O. Krueger
Publisher : University of Chicago Press
Page : 416 pages
File Size : 49,6 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226386959

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Financial Deregulation and Integration in East Asia by Takatoshi Ito,Anne O. Krueger Pdf

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.

Author : Seiichi Masuyama,Donna Vandenbrink,Siow Yue Chia
Publisher : Institute of Southeast Asian Studies
Page : 392 pages
File Size : 41,5 Mb
Release : 1999
Category : Business & Economics
ISBN : 9812300058

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East Asia's Financial Systems by Seiichi Masuyama,Donna Vandenbrink,Siow Yue Chia Pdf

Financial systems in the East Asian region are commanding worldwide attention. Japan's financial sector, with an ailing banking system in the aftermath of a bubble economy, is undergoing a "Big Bang" deregulation, liberalization, and securitization. At the same time, the rehabilitation of Southeast Asian and Korean economies in the wake of the Asian financial crisis awaits restoration of their banking sectors. The region's bank-dominated and development finance-oriented financial systems are coming into friction with global capital markets that lack adequate architecture. In this volume, researchers from ten East Asian think- tanks analyse the financial systems in their respective economies. They survey the financial sector deregulation and liberalization that took place in the midst of economic booms and they evaluate the role of the financial systems in the region's current economic misfortunes. Together, the pieces in this volume lay the groundwork for understanding how financial systems in East Asia have evolved as the economies have grown more complex and capital markets have globalized, and how these systems must adapt to move beyond today's crisis to serve the region's economies in the future.

Author : Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei
Publisher : Taylor & Francis
Page : 342 pages
File Size : 53,8 Mb
Release : 2011-05-03
Category : Business & Economics
ISBN : 9781136847622

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The Dynamics of Asian Financial Integration by Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei Pdf

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.

Author : Swati R. Ghosh
Publisher : World Bank Publications
Page : 234 pages
File Size : 41,5 Mb
Release : 2006-01-01
Category : Business & Economics
ISBN : 9780821367445

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East Asian Finance by Swati R. Ghosh Pdf

This study analyzes the key issues and constraints -- in terms of efficiency, access and safety and soundness -- faced by East Asian countries in developing their financial markets which are at different stages of development, drawing on global experience. The study takes stock of the initiatives being undertaken at the regional level to foster greater financial integration as a means of deepening and diversifying financial markets, and on the policy issues that need to be addressed at the domestic level to deepen and diversify financial markets and to actually benefit from the actions that are being taken at the regional level.

Author : Ky Cao
Publisher : Routledge
Page : 354 pages
File Size : 52,8 Mb
Release : 1995-11-16
Category : Business & Economics
ISBN : 9781134806164

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The Changing Capital Markets of East Asia by Ky Cao Pdf

The contributors look at the growing sophistication of capital markets in East Asia and discuss the possible economic and political consequences.

Author : Shandre M. Thangavelu,Aekapol Chongvilaivan
Publisher : Routledge
Page : 225 pages
File Size : 45,8 Mb
Release : 2012-10-02
Category : Business & Economics
ISBN : 9781136251726

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Real and Financial Integration in Asia by Shandre M. Thangavelu,Aekapol Chongvilaivan Pdf

This book investigates the impact of both real and financial integration to growth and to welfare, and to enquire whether increases in either or both forms build the linkage between the real and financial economy. It contributes to the following two areas: (1) Research of economic developments in East Asia, the most dynamic and populous region in the world, in itself is important for researchers, policy makers, journalists, business people and others. East Asia’s economic developments influence peoples’ lives not only in East Asia but also in other parts of the world. (2) Many aspects of East Asian experiences in economic development are unique, making research of East Asia attractive and important to discern mechanisms of economic development. The first part of this study begins with chapters that address the measurement of regional integration compared with the engagement with the global economy and how this influences the aggregate behavior of the economies. The second part turns to consideration of the financial sector and the efficiency and performance of banking in the region. This allows a discussion whether, in the current crisis, the banking sector was an important channel of financial shock into real behavior. The third part turns to the corporate sector. Using data on firms, type of finance used by firms, its impact on their performance, and ownership structure influence over the productivity growth are discussed. Based on the findings, the book presents several policy recommendation and future research agenda for further economic integration in East Asia.

Author : Yung Chul Park,Charles Wyplosz
Publisher : OUP Oxford
Page : 192 pages
File Size : 51,8 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9780191582929

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Monetary and Financial Integration in East Asia by Yung Chul Park,Charles Wyplosz Pdf

This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia.

Author : Gordon De Brouwer
Publisher : Routledge
Page : 358 pages
File Size : 48,6 Mb
Release : 2003-09-02
Category : Business & Economics
ISBN : 9781134480319

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Financial Markets and Policies in East Asia by Gordon De Brouwer Pdf

This book assesses the need to secure policy consistency, the scope for inflation targeting, the sustainability of exchange rate regimes and the scope for deeper financial integration in the Australasian area.

Author : Jikon Lai
Publisher : Springer
Page : 239 pages
File Size : 53,9 Mb
Release : 2012-06-19
Category : Social Science
ISBN : 9781137265333

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Financial Crisis and Institutional Change in East Asia by Jikon Lai Pdf

In light of the Asian financial crisis of 1997, Lai examines whether East Asian economies converged onto the liberal market model by studying the evolution of the financial sectors of Korea, Malaysia and Thailand. This includes sectoral diversification, the nature of competition, and the regulatory and supervisory frameworks.

Author : Soogil Young,Dosoung Choi,Jesus Seade,Sayuri Shirai
Publisher : Institute of Southeast Asian Studies
Page : 463 pages
File Size : 44,8 Mb
Release : 2009
Category : Business & Economics
ISBN : 9789812309303

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Competition among Financial Centres in Asia-Pacific by Soogil Young,Dosoung Choi,Jesus Seade,Sayuri Shirai Pdf

Contents include an overview and policy recommendations; case studies which include Australian content; international perspectives; and issues and findings.

Author : Michael T. Skully
Publisher : Springer
Page : 429 pages
File Size : 53,5 Mb
Release : 1984-06-18
Category : Business & Economics
ISBN : 9781349041183

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Financial Institutions and Markets in Southeast Asia by Michael T. Skully Pdf

Author : Frank Rövekamp,Moritz Bälz,Hanns Günther Hilpert
Publisher : Springer Nature
Page : 177 pages
File Size : 54,5 Mb
Release : 2020-09-13
Category : Business & Economics
ISBN : 9783030502980

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Monetary Policy Implementation in East Asia by Frank Rövekamp,Moritz Bälz,Hanns Günther Hilpert Pdf

This book shares essential insights into the implementation of monetary policy in various East Asian countries. Highlighting case studies from China, Taiwan, Korea, Japan and Singapore, leading economists and practitioners from central banks illustrate how dependent effective monetary policy is on the institutional and financial market environment, as well as on successful implementation and communication. The respective contributions cover various aspects of monetary policy implementation, such as: How is inflation targeting handled? For what purposes and how do central banks operate on financial markets, and what are the (at times unintended) effects? How do currency market interventions help achieve the monetary policy targets set by individual countries or areas? In addition, Asian experiences are contrasted with those from the Eurozone.

Author : Stijn Claessens,Thomas C. Glaessner
Publisher : World Bank Publications
Page : 52 pages
File Size : 50,5 Mb
Release : 1997
Category : Business & Economics
ISBN : 0821340069

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Are Financial Sector Weaknesses Undermining the East Asian Miracle? by Stijn Claessens,Thomas C. Glaessner Pdf

IFC Technical Paper No. 3. Inflation plagues many of the developing countries in which the International Finance Corporation (IFC) operates. To date, however, little is known about the impact of inflation on the financial statements of firms in developing countries. The authors of this study have developed a simple algorithm, based on the method of inflation accounting used in Brazil, and have applied it to the accounts of listed companies in Turkey for the period 1982-90. The paper documents an inflation-induced bias in financial statements and introduces a methodology for adjusting corporate financial statements for inflation effects.