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100   $a20090928d2009      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aRegional financial integration in the Caribbean$b[electronic resource] $eevidence from financial and macroeconomic data /$fby Raphael Espinova and Goohoon Kwon
210   $aWashington, D.C. $cInternational Monetary Fund, Middle East and Central Asia dept.$d2009
215   $a1 online resource (37 p.)
225 1 $aIMF working paper ;$vWP/09/139
300   $a"July 2009".
311   $a1-4519-1715-5 
320   $aIncludes bibliographic references.
327   $aContents; 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 GDP
327   $a5. 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. ? Coefficient from 1975-2005; 12. ? Coefficient from 1975-90; 13. ? 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 Liabilities
330   $aThis paper assesses the extent of regional financial integration in the Caribbean Community (CARICOM) by analyzing equity prices in the region and rigidity of external financing constraints. The results are presented in a cross-regional perspective. The Caribbean stock markets are not as well integrated as one would expect from the extent of cross-listing and importance of regional banking groups: price differentials of cross-listed stocks reach an average of 5 percent. Auto-Regressive models suggest that these price differentials are only slowly arbitraged away, with half-lives exceeding 7 wo
410  0$aIMF working paper ;$vWP/09/139.
606   $aFinance$zCaribbean Area
606   $aMacroeconomics
607   $aCaribbean Area$xEconomic policy
608   $aElectronic books.
615  0$aFinance
615  0$aMacroeconomics.
700   $aEspinoza$b Raphael A$0873063
701   $aKwon$b Goohoon$0873064
712 02$aInternational Monetary Fund.$bMiddle East and Central Asia Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910463991103321
996   $aRegional financial integration in the Caribbean$91948838
997   $aUNINA