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Record Nr. |
UNINA9910815304003321 |
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Autore |
Eichengreen Barry J |
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Titolo |
Bond markets as conduits for capital flows : how does Asia compare? / / prepared by Barry Eichengreen, Pipat Luengnaruemitchai |
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Pubbl/distr/stampa |
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[Washington, D.C.], : International Monetary Fund, c2006 |
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ISBN |
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1-4623-9116-8 |
1-4527-4509-9 |
1-283-51795-7 |
1-4519-0951-9 |
9786613830401 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (44 p.) |
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Collana |
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IMF working paper ; ; WP/06/238 |
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Altri autori (Persone) |
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Soggetti |
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Investments, Foreign - Asia - Mathematical models |
Capital movements - Asia |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. REVIEW OF PREVIOUS STUDIES""; ""III. DATA AND SPECIFICATION""; ""IV. BASIC RESULTS""; ""V. SENSITIVITY CHECKS""; ""VI. CONNECTIONS WITH OTHER ASPECTS OF FINANCIAL DEVELOPMENT""; ""VII. THE COMPOSITION OF THE INVESTOR BASE""; ""VIII. CONCLUSIONS AND POLICY IMPLICATIONS""; ""References"" |
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Sommario/riassunto |
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We use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base case in which the purchaser and issuer of the bonds reside in different regions. Not surprisingly, we find that Europe is more financially integrated than other regions. Asia, more interestingly, already seems to have made more progress on this front than Latin America and other parts of the world. The contrast with Latin America is largely explained by stronger creditor and investor rights, better contract enforcement, and greater transparency, all of which are conducive to foreign participation in local markets and to intraregional cross holdings of Asian bonds generally. Further results |
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