International Financial Integration
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International Financial Integration
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Author : Mr.Gian Milesi-Ferretti
language : en
Publisher: International Monetary Fund
Release Date : 2003-04-01
International Financial Integration written by Mr.Gian Milesi-Ferretti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-01 with Business & Economics categories.
In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.
Benefits And Costs Of International Financial Integration
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Author : Pierre-Richard Agénor
language : en
Publisher: World Bank Publications
Release Date : 2001
Benefits And Costs Of International Financial Integration written by Pierre-Richard Agénor and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Capital movements categories.
This literature review joins with recent studies in arguing that financial integration must be carefully prepared and managed to ensure that the benefits outweigh the short-run risks. But in contrast with some other studies, it adopts a more skeptical view of the benefits of capital flows other than foreign direct investment.
International Financial Integration
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Author : David T. Llewellyn
language : en
Publisher: New York : Wiley
Release Date : 1980
International Financial Integration written by David T. Llewellyn and has been published by New York : Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Business & Economics categories.
International Financial Integration
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Author : Lars Oxelheim
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
International Financial Integration written by Lars Oxelheim and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
There is widespread agreement in the current social and economic debate that the nations of the world are becoming increasingly integrated. Many structural signs in society also suggest that this is so. Integration has become a catchword in the prepara tions for the internal market of the EC, and a keynote in the debate about association for the European countries which do not belong to the Community. But when we turn to the question of how this integration should be measured, there is very little con sensus. Instead there are numerous problems, not only about how to measure integra tion but even about how to define it. In this book I shall discuss the import and implications of a particular type of integration, namely financial integration, and then look at the most important problems connected with measuring it. In the empirical investigation reported below I felt the need for an integrated micro-macro approach. Further, I decided to illustrate the measurement problems by studying a small and relatively open economy where exchange controls have been imposed by the government in an attempt to reduce the flow of interest-sensitive capital out of the country, and thus to acquire autonomy for the national monetary policy. An interview study has been carried out with a view to illustrating among other things how expectations are formed among the major actors on the financial market, and this provided additional input for an analysis of the level of financial integration.
International Financial Integration In The Aftermath Of The Global Financial Crisis
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Author : Mr.Philip R. Lane
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-10
International Financial Integration In The Aftermath Of The Global Financial Crisis written by Mr.Philip R. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-10 with Business & Economics categories.
This paper documents the evolution of international financial integration since the global financial crisis using an updated dataset on external assets and liabilities, covering over 210 economies for the period 1970-2015. It finds that the growth in cross-border positions in relation to world GDP has come to a halt. This reflects much weaker capital flows to and from advanced economies, with diminished cross-border banking activity, and an increase in the weight of emerging economies in global GDP, as these economies have lower external assets and liabilities than advanced economies. Cross-border FDI positions have continued to expand, unlike positions in portfolio instruments and other investment. This expansion reflects primarily positions vis-à-vis financial centers, suggesting that the complexity of the corporate structure of large multinational corporations is playing an important role. The paper also explores the cross-country drivers of foreign ownership of domestic debt securities, highlighting in particular the role of the euro debt crisis in explaining its evolution.
International Financial Integration Through The Law Of One Price
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Author : Eduardo Levy Yeyati
language : en
Publisher: World Bank Publications
Release Date : 2006
International Financial Integration Through The Law Of One Price written by Eduardo Levy Yeyati and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Integracion financiera categories.
"The authors argue that the cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks) provides a valuable measure of international financial integration, reflecting accurately the factors that segment markets and inhibit price arbitrage. Applying to equity markets recent methodological developments in the purchasing power parity literature, they show that nonlinear Threshold Autoregressive (TAR) models properly capture the behavior of the cross market premium. The estimates reveal the presence of narrow non-arbitrage bands and indicate that price differences outside these bands are rapidly arbitraged away, much faster than what has been documented for good markets. Moreover, the authors find that financial integration increases with market liquidity. Capital controls, when binding, contribute to segment financial markets by widening the non-arbitrage bands and making price disparities more persistent. Crisis episodes are associated with higher volatility, rather than by more persistent deviations from the law of one price. "--World Bank web site.
International Financial Integration And Economic Growth
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Author : Hali J. Edison
language : en
Publisher:
Release Date : 2002
International Financial Integration And Economic Growth written by Hali J. Edison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Developing countries categories.
This paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development, financial development, legal system development, government corruption, and macroeconomic policies. Using a wide array of measures of international financial integration on 57 countries and an assortment of statistical methodologies, we are unable to reject the null hypothesis that international financial integration does not accelerate economic growth even when controlling for particular economic, financial, institutional, and policy characteristics.
International Financial Integration
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Author :
language : en
Publisher:
Release Date : 2002
International Financial Integration written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
International Financial Integration And Funding Risks Bank Level Evidence From Latin America
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Author : Mr.Luis Catão
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-30
International Financial Integration And Funding Risks Bank Level Evidence From Latin America written by Mr.Luis Catão and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-30 with Business & Economics categories.
Using a sample of over 700 banks in Latin America, we show that international financial liberalization lowers bank capital ratios and increases the shares of short-term funding. Following liberalization, large banks substitute interbank borrowing for equity and long-term funding, whereas small banks increase the proportions of retail funding in their liabilities, which have been particularly vulnerable to flight-to-quality during periods of financial distress in much of Latin America. We also find evidence that riskier bank funding in the aftermath of financial liberalizations is exacerbated by asymmetric information, which rises on geographical distance and the opacity of balance sheets.
International Financial Integration Through Equity Markets
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Author : Stijn Claessens
language : en
Publisher: International Monetary Fund
Release Date : 2007-06
International Financial Integration Through Equity Markets written by Stijn Claessens and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06 with Business & Economics categories.
This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, we find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics.