Format:
1 online resource (295 pages)
Edition:
1st ed.
ISBN:
9780521651486
,
9780511151811
Series Statement:
Trade and Development Series
Content:
Financial Integration in East Asia, first published in 1999, by Gordon De Brouwer features important research assessing the theory and practice of financial integration and provides the first major study of the recent upheavals in East Asian financial markets and economies
Note:
Cover -- Half-title -- Series-title -- Title -- Copyright -- Contents -- Preface and acknowledgements -- 1 Financial integration -- Focus on east Asia -- Focus on financial integration -- 2 Developments in east Asia, 1997-1998 -- What happened? -- The 'fundamentals' behind what happened -- What does it mean? -- Development strategies -- Exchange rate policy -- Financial system fragility -- The current account -- Market dynamics -- A longer-term assessment of the benefits of financial integration -- Costs of financial liberalisation -- The size of the benefits from financial liberalisation -- The benefits of financial reform -- 3 Measures of financial integration in east Asia -- Legal restrictions on the capital account -- Capital flows -- Interest rate parity conditions -- Saving-investment correlations -- Consumption correlations -- Miscellaneous measures -- Conclusion -- 4 Interest parity conditions as indicators of international financial integration -- Data and estimation issues -- Covered interest rate parity -- Uncovered interest rate parity -- Basic tests of uncovered interest parity -- Explaining the anomaly -- Cointegration of interest rates -- Accounting for innovations over time -- Real interest rate parity -- Conclusion -- 5 Domestic financial integration: a precondition for international financial integration -- The money market and institutional markets -- Recent developments in bank deposit and loan markets -- Deposit and loan pricing rules under fiat and market regimes -- Fiat deposit and loan rate rules -- Market deposit and loan rate rules -- Correlations, error correction and the adjustment of institutional interest rates -- A discussion on domestic integration -- Conclusion -- 6 Financial integration and capital formation, foreign debt and the real exchange rate -- A view from the literature
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Thailand -- Appendix 5.2: Definitions, sources and graphs of money, deposit and loan rate data -- Australia (figure A5.2.1) -- Canada (figure A5.2.2) -- Hong Kong (figure A5.2.3) -- Indonesia (figure A5.2.4) -- Japan (figure A5.2.5) -- Korea (figure A5.2.6) -- Malaysia (figure A5.2.7) -- The Philippines (figure A5.2.8) -- Singapore (figure A5.2.9) -- Taiwan (figure A5.2.10) -- Thailand (figure 5.2.11) -- The United States (figure A5.2.12) -- Appendix 5.3 Augmented Dickey-Fuller test statistics -- Appendix 5.4 Error-correction model of institutional interest rates -- Appendix 5.5 Speed of adjustment -- Appendix 6.1 Derivation of the consumption equation -- Appendix 7.1 Definitions, sources and graphs of consumption and its determinants -- Australia (figures A7.1.1-A7.1.3) -- Hong Kong (figures A7.1.4-A7.1.5) -- Japan (figures A7.1.6-A7.1.8) -- Korea (figures A7.1.9-A7.1.11) -- Singapore (figures A7.1.12-A7.1.14) -- Taiwan (figures A7.1.15-A7.1.17) -- Thailand (figures A7.1.18-A7.1.20) -- Appendix 7.2 Estimating (7.10) -- References -- Index
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The real exchange rate, foreign debt and capital in a financially integrated economy -- Production -- Consumption -- External balance -- The real exchange rate -- The effect of incomplete financial integration -- Conclusion -- 7 Consumption and liquidity constraints: does financial integration matter? -- The Euler equation with liquidity constraints and demographic change -- Aggregation and the definition of variables -- Aggregation over time -- Demographic change and aggregation over households -- Identifying the shadow price -- The bifurcated population model -- Defining consumption and income -- Econometric estimation and results -- Results from the basic model equation - (7.11) -- Results from the fully specified model equation - (7.10) -- Domestic and international effects -- Implications for welfare and policy -- Conclusion -- 8 Summary and policy considerations -- Summarising the results -- Some policy considerations -- Financial integration and the operation of policy -- Financial integration, consumption and debt -- Endpiece -- Appendices -- Appendix 3.1: Data and definitions of consumption correlations -- Appendix 4.1: Definitions, sources and graphs of interest rate data -- Australia (figures A4.1.1-A4.1.3) -- Hong Kong (figures A4.1.4-A4.1.6) -- Indonesia (figures A4.1.7-A4.1.9) -- Japan (figures A4.1.10-A4.1.12) -- Korea (figures A4.1.13-A4.1.15) -- Malaysia (figures A4.1.16-A4.1.18) -- The Philippines (figures A4.1.19-A4.1.21) -- Singapore (figures A4.1.22-A4.1.24) -- Taiwan (figures A4.1.25-A4.1.27) -- Thailand (figures A4.1.28-A4.1.30) -- Appendix 4.2: The Solution for McCallum's (1994) Model -- Appendix 4.3: Time-varying estimates of beta -- Appendix 5.1: Summary of deregulation in banking and in deposit and loan markets -- Australia -- Hong Kong -- Indonesia -- Japan -- Korea -- Malaysia -- The Philippines -- Singapore -- Taiwan
Additional Edition:
Print version de Brouwer, Gordon Financial Integration in East Asia Cambridge : Cambridge University Press,c1999 ISBN 9780521651486
Language:
English
Keywords:
Electronic books
URL:
FULL
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