06920oam 22016454 450 991077933130332120230802005650.01-4755-8000-21-4755-6953-X1-283-86685-41-4755-8396-6(CKB)2550000000709420(EBL)1607046(SSID)ssj0000952547(PQKBManifestationID)11958309(PQKBTitleCode)TC0000952547(PQKBWorkID)10905732(PQKB)10162346(MiAaPQ)EBC1607046(Au-PeEL)EBL1607046(CaPaEBR)ebr10635332(CaONFJC)MIL417935(OCoLC)870245037(IMF)WPIEE2012262(IMF)WPIEA2012262(EXLCZ)99255000000070942020020129d2012 uf 0engur|n|---|||||txtccrThe Evolution of Asian Financial Linkages : Key Determinants and the Role of Policy /Selim Elekdag, Phurichai Rungcharoenkitkul, Yiqun WuWashington, D.C. :International Monetary Fund,2012.1 online resource (28 p.)IMF Working PapersIMF working paper ;WP/12/262Description based upon print version of record.1-4755-8868-2 Includes bibliographical references.Cover; Contents; I. Introduction; Figures; 1. Equity Returns: Selected Systemic Economies and Asia; II. Model and Estimation Framework; A. Approach I: Focusing on Cross-Sectional Variation; B. Approach II: A Deeper Investigation of Time Series Fluctuations; III. Results; Tables; 1. Pure and CAPM; 1. Non-Zero Expected Risk Premium; 2. Heterogeneous Expected Premium (Fixed Effects); 2. Asian Financial Betas and Global Financial Shocks; 3. Financial Betas across Asian Economies; 4. Contributions to Differences in Betas between 2008-2011 and 2002-20075. Contributions to Differences in Betas between 1997-2001 and 2002-20074. Determinants of Asian Financial Betas; 6. The Decomposition of Financial Betas across Asia over Time; 5. Nonlinear Effects of Reserves; IV. Conclusion; Appendix Table: Estimated Factor Loadings (Betas) Over the Full Sample; ReferencesThis paper examines how Asian financial linkages with systemic economies have changed over time. After developing a factor model, it estimates Asian financial sensitivities to systemic economies, and then seeks to uncover their key determinants, which include trade and financial linkages, as well as policies. In line with Asia’s growing role in the global economy—including through deeper financial integration—regional financial markets have become more sensitive to systemic economies. Asian financial sensitivities to systemic economies exhibit cyclical fluctuations, and reached historically high levels during the latest global financial crisis of 2008–09. While macroeconomic policy frameworks have helped Asian economies cope well with market turbulence, they cannot completely insulate Asian financial markets against major global financial shocks. .IMF Working Papers; Working Paper ;No. 2012/262Economic developmentAsiaBanks and BankingimfExports and ImportsimfFinance: GeneralimfForeign ExchangeimfInvestments: StocksimfInvestments: GeneralimfInternational Finance: GeneralimfGeneral Financial Markets: General (includes Measurement and Data)imfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfInternational InvestmentimfLong-term Capital MovementsimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfInvestmentimfCapitalimfIntangible CapitalimfCapacityimfFinanceimfBankingimfCurrencyimfForeign exchangeimfInvestment & securitiesimfMacroeconomicsimfStock marketsimfExchange rate arrangementsimfForeign direct investmentimfStocksimfFinancial marketsimfBalance of paymentsimfFinancial institutionsimfReturn on investmentimfNational accountsimfStock exchangesimfBanks and bankingimfInvestments, ForeignimfSaving and investmentimfAsiaEconomic policyAsiaEconomic conditionsUnited StatesimfEconomic developmentBanks and BankingExports and ImportsFinance: GeneralForeign ExchangeInvestments: StocksInvestments: GeneralInternational Finance: GeneralGeneral Financial Markets: General (includes Measurement and Data)BanksDepository InstitutionsMicro Finance InstitutionsMortgagesInternational InvestmentLong-term Capital MovementsPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsInvestmentCapitalIntangible CapitalCapacityFinanceBankingCurrencyForeign exchangeInvestment & securitiesMacroeconomicsStock marketsExchange rate arrangementsForeign direct investmentStocksFinancial marketsBalance of paymentsFinancial institutionsReturn on investmentNational accountsStock exchangesBanks and bankingInvestments, ForeignSaving and investmentElekdag Selim1104193Rungcharoenkitkul Phurichai1559511Wu Yiqun1559512International Monetary Fund.DcWaIMFBOOK9910779331303321The Evolution of Asian Financial Linkages3824723UNINA