LEADER 06920oam 22016454 450 001 9910779331303321 005 20230802005650.0 010 $a1-4755-8000-2 010 $a1-4755-6953-X 010 $a1-283-86685-4 010 $a1-4755-8396-6 035 $a(CKB)2550000000709420 035 $a(EBL)1607046 035 $a(SSID)ssj0000952547 035 $a(PQKBManifestationID)11958309 035 $a(PQKBTitleCode)TC0000952547 035 $a(PQKBWorkID)10905732 035 $a(PQKB)10162346 035 $a(MiAaPQ)EBC1607046 035 $a(Au-PeEL)EBL1607046 035 $a(CaPaEBR)ebr10635332 035 $a(CaONFJC)MIL417935 035 $a(OCoLC)870245037 035 $a(IMF)WPIEE2012262 035 $a(IMF)WPIEA2012262 035 $a(EXLCZ)992550000000709420 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Evolution of Asian Financial Linkages : $eKey Determinants and the Role of Policy /$fSelim Elekdag, Phurichai Rungcharoenkitkul, Yiqun Wu 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (28 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/262 300 $aDescription based upon print version of record. 311 $a1-4755-8868-2 320 $aIncludes bibliographical references. 327 $aCover; 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 2002-2007 327 $a5. 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; References 330 3 $aThis paper examines how Asian financial linkages with systemic economies have changed over time. After developing a factor model, it estimates Asian financial sensitivities to systemic economies, and then seeks to uncover their key determinants, which include trade and financial linkages, as well as policies. In line with Asia?s growing role in the global economy?including through deeper financial integration?regional financial markets have become more sensitive to systemic economies. Asian financial sensitivities to systemic economies exhibit cyclical fluctuations, and reached historically high levels during the latest global financial crisis of 2008?09. While macroeconomic policy frameworks have helped Asian economies cope well with market turbulence, they cannot completely insulate Asian financial markets against major global financial shocks. . 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/262 606 $aEconomic development$zAsia 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aInvestments: Stocks$2imf 606 $aInvestments: General$2imf 606 $aInternational Finance: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInvestment & securities$2imf 606 $aMacroeconomics$2imf 606 $aStock markets$2imf 606 $aExchange rate arrangements$2imf 606 $aForeign direct investment$2imf 606 $aStocks$2imf 606 $aFinancial markets$2imf 606 $aBalance of payments$2imf 606 $aFinancial institutions$2imf 606 $aReturn on investment$2imf 606 $aNational accounts$2imf 606 $aStock exchanges$2imf 606 $aBanks and banking$2imf 606 $aInvestments, Foreign$2imf 606 $aSaving and investment$2imf 607 $aAsia$xEconomic policy 607 $aAsia$xEconomic conditions 607 $aUnited States$2imf 615 0$aEconomic development 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aInvestments: Stocks 615 7$aInvestments: General 615 7$aInternational Finance: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aFinance 615 7$aBanking 615 7$aCurrency 615 7$aForeign exchange 615 7$aInvestment & securities 615 7$aMacroeconomics 615 7$aStock markets 615 7$aExchange rate arrangements 615 7$aForeign direct investment 615 7$aStocks 615 7$aFinancial markets 615 7$aBalance of payments 615 7$aFinancial institutions 615 7$aReturn on investment 615 7$aNational accounts 615 7$aStock exchanges 615 7$aBanks and banking 615 7$aInvestments, Foreign 615 7$aSaving and investment 700 $aElekdag$b Selim$01104193 701 $aRungcharoenkitkul$b Phurichai$01559511 701 $aWu$b Yiqun$01559512 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779331303321 996 $aThe Evolution of Asian Financial Linkages$93824723 997 $aUNINA