05479oam 22010814 450 991080748800332120240402050214.01-4623-9616-X1-4527-0771-51-4518-6986-X1-282-84080-09786612840807(CKB)3170000000055027(EBL)1607873(SSID)ssj0000944029(PQKBManifestationID)11528595(PQKBTitleCode)TC0000944029(PQKBWorkID)10982727(PQKB)10019992(OCoLC)815737064(IMF)WPIEE2008126(MiAaPQ)EBC1607873(EXLCZ)99317000000005502720020129d2008 uf 0engur|n|---|||||txtccrFinancial Integration and Risk-Adjusted Growth Opportunities /Iryna Ivaschenko, Gianni De Nicolo1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (26 p.)IMF Working PapersIMF working paper ;WP/08/126Description based upon print version of record.1-4519-1440-7 Includes bibliographical references.Contents; I. Introduction; II. Financial Integration as Convergence in Equity Premia; III. Risk-Adjusted Growth Opportunities and Financial Integration; IV. Globalization, Financial Development and Liquidity; V. Conclusions; References; Tables; 1. Convergence of Cross-Country Variances of Equity Premia; 2. Financial Integration and Risk-Adjusted Growth Opportunities; 3. Financial Integration and Globalization; 4. Financial Integration and Financial Development; 5. Financial Integration and Equity Markets Liquidity; Figures; 1. Risk-Adjusted Growth Opportunities - Developed Europe2. Risk-Adjusted Growth Opportunities - Emerging Europe3. Risk-Adjusted Growth Opportunities - Americas; 4. Risk-Adjusted Growth Opportunities - Emerging AsiaThis paper documents the evolution of measures of financial integration for major advanced and emerging markets economies, assesses whether advances in integration have had a significant positive impact on countries' risk-adjusted growth opportunities, and identifies some of the channels through which financial integration may foster growth. Three main results obtain. First, financial integration has progressed significantly worldwide, particularly in emerging markets, and regional integration has advanced at the fastest pace in Europe. Second, a country's speed of integration predicts future country's risk-adjusted growth opportunities, while improved risk-adjusted growth opportunities predict future advances in integration, indicating that the countries whose integration has been faster may have benefited most from a virtuous dynamics in which financial integration and improved real prospects are mutually reinforcing. Third, financial integration predicts globalization but the reverse does not necessarily hold, while advances in financial integration predict advances in financial development and improvements in the liquidity of equity markets.IMF Working Papers; Working Paper ;No. 2008/126International economic integrationGlobalizationLiquidity (Economics)Finance: GeneralimfInvestments: StocksimfGeneral Financial Markets: General (includes Measurement and Data)imfFinancial Markets and the MacroeconomyimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfFinanceimfInvestment & securitiesimfFinancial integrationimfStock marketsimfFinancial sector developmentimfStocksimfEmerging and frontier financial marketsimfInternational financeimfFinancial services industryimfStock exchangesimfHong Kong Special Administrative Region, People's Republic of ChinaimfInternational economic integration.Globalization.Liquidity (Economics)Finance: GeneralInvestments: StocksGeneral Financial Markets: General (includes Measurement and Data)Financial Markets and the MacroeconomyPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsFinanceInvestment & securitiesFinancial integrationStock marketsFinancial sector developmentStocksEmerging and frontier financial marketsInternational financeFinancial services industryStock exchanges337Ivaschenko Iryna1621260De Nicolo Gianni375199DcWaIMFBOOK9910807488003321Financial Integration and Risk-Adjusted Growth Opportunities3986923UNINA