LEADER 05479oam 22010814 450 001 9910807488003321 005 20240402050214.0 010 $a1-4623-9616-X 010 $a1-4527-0771-5 010 $a1-4518-6986-X 010 $a1-282-84080-0 010 $a9786612840807 035 $a(CKB)3170000000055027 035 $a(EBL)1607873 035 $a(SSID)ssj0000944029 035 $a(PQKBManifestationID)11528595 035 $a(PQKBTitleCode)TC0000944029 035 $a(PQKBWorkID)10982727 035 $a(PQKB)10019992 035 $a(OCoLC)815737064 035 $a(IMF)WPIEE2008126 035 $a(MiAaPQ)EBC1607873 035 $a(EXLCZ)993170000000055027 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFinancial Integration and Risk-Adjusted Growth Opportunities /$fIryna Ivaschenko, Gianni De Nicolo 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/126 300 $aDescription based upon print version of record. 311 $a1-4519-1440-7 320 $aIncludes bibliographical references. 327 $aContents; 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 Europe 327 $a2. Risk-Adjusted Growth Opportunities - Emerging Europe3. Risk-Adjusted Growth Opportunities - Americas; 4. Risk-Adjusted Growth Opportunities - Emerging Asia 330 3 $aThis paper documents the evolution of measures of financial integration for major advanced and emerging markets economies, assesses whether advances in integration have had a significant positive impact on countries' risk-adjusted growth opportunities, and identifies some of the channels through which financial integration may foster growth. Three main results obtain. First, financial integration has progressed significantly worldwide, particularly in emerging markets, and regional integration has advanced at the fastest pace in Europe. Second, a country's speed of integration predicts future country's risk-adjusted growth opportunities, while improved risk-adjusted growth opportunities predict future advances in integration, indicating that the countries whose integration has been faster may have benefited most from a virtuous dynamics in which financial integration and improved real prospects are mutually reinforcing. Third, financial integration predicts globalization but the reverse does not necessarily hold, while advances in financial integration predict advances in financial development and improvements in the liquidity of equity markets. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/126 606 $aInternational economic integration 606 $aGlobalization 606 $aLiquidity (Economics) 606 $aFinance: General$2imf 606 $aInvestments: Stocks$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aFinancial integration$2imf 606 $aStock markets$2imf 606 $aFinancial sector development$2imf 606 $aStocks$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aInternational finance$2imf 606 $aFinancial services industry$2imf 606 $aStock exchanges$2imf 607 $aHong Kong Special Administrative Region, People's Republic of China$2imf 615 0$aInternational economic integration. 615 0$aGlobalization. 615 0$aLiquidity (Economics) 615 7$aFinance: General 615 7$aInvestments: Stocks 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aFinancial Markets and the Macroeconomy 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aFinance 615 7$aInvestment & securities 615 7$aFinancial integration 615 7$aStock markets 615 7$aFinancial sector development 615 7$aStocks 615 7$aEmerging and frontier financial markets 615 7$aInternational finance 615 7$aFinancial services industry 615 7$aStock exchanges 676 $a337 700 $aIvaschenko$b Iryna$01621260 701 $aDe Nicolo$b Gianni$0375199 801 0$bDcWaIMF 906 $aBOOK 912 $a9910807488003321 996 $aFinancial Integration and Risk-Adjusted Growth Opportunities$93986923 997 $aUNINA