03701nam 2200625Ia 450 991046399110332120170821160717.01-4623-9209-11-4527-2686-81-4518-7286-01-282-84353-29786612843532(CKB)3170000000055294(EBL)1608350(SSID)ssj0000943045(PQKBManifestationID)11967159(PQKBTitleCode)TC0000943045(PQKBWorkID)10974943(PQKB)10407329(OCoLC)712987742(MiAaPQ)EBC1608350(EXLCZ)99317000000005529420090928d2009 uf 0engur|n|---|||||txtccrRegional financial integration in the Caribbean[electronic resource] evidence from financial and macroeconomic data /by Raphael Espinova and Goohoon KwonWashington, D.C. International Monetary Fund, Middle East and Central Asia dept.20091 online resource (37 p.)IMF working paper ;WP/09/139"July 2009".1-4519-1715-5 Includes bibliographic references.Contents; I. Introduction; II. Background; III. Stock Price Convergence; A. Data; B. AR results; C. Threshold Auto-Regression (TAR) estimator; IV. Current Account Convergence and Regional Trade Balance; A. Theory; B. Estimation framework; C. Global Financial Integration; D. Intra-regional trade and regional financial integration; V. Conclusion; References; Appendix A; Tables; 1. Balance of Payments; 2. UNCTAD FDI Inward Stock (In millions U.S. dollars, 2001; 3. UNCTAD FDI Outward Stock (In millions of U.S. dollars, 2001); 4. Regional Exports, as a Share of GDP5. Interest Rates: Principal Component Analysis, 1980m1-2005m126. Interest Comovements; 7. Cross-Listed Stocks; 8. Cross-Market Premium; 9. (G) ARCH-AR Model; 10. (G) ARCH-TAR Model; 11. β Coefficient from 1975-2005; 12. β Coefficient from 1975-90; 13. β Coefficient from 1991-2005; 14. Regional Financial Integration 1975-2005; 15. 1975-90 Estimates of Regional Financial Integration; 16. 1991-2005 Estimates of Regional Financial Integration; Figures; 1. Interest Rates in the CARICOM and Sigma-Convergence (3 month T-Bills); 2. Cross-Listed Stocks; 3. Convergence Speed vs. Foreign LiabilitiesThis paper assesses the extent of regional financial integration in the Caribbean Community (CARICOM) by analyzing equity prices in the region and rigidity of external financing constraints. The results are presented in a cross-regional perspective. The Caribbean stock markets are not as well integrated as one would expect from the extent of cross-listing and importance of regional banking groups: price differentials of cross-listed stocks reach an average of 5 percent. Auto-Regressive models suggest that these price differentials are only slowly arbitraged away, with half-lives exceeding 7 woIMF working paper ;WP/09/139.FinanceCaribbean AreaMacroeconomicsCaribbean AreaEconomic policyElectronic books.FinanceMacroeconomics.Espinoza Raphael A873063Kwon Goohoon873064International Monetary Fund.Middle East and Central Asia Dept.MiAaPQMiAaPQMiAaPQBOOK9910463991103321Regional financial integration in the Caribbean1948838UNINA