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dc.contributor.authorRughoo, Aarti
dc.contributor.authorYou, Kefei
dc.date.accessioned2017-01-26T19:12:11Z
dc.date.available2017-01-26T19:12:11Z
dc.date.issued2016-12-01
dc.identifier.citationRughoo , A & You , K 2016 , ' Asian Financial Integration: Global or Regional? Evidence from Money and Bond Markets ' , International Review of Financial Analysis , vol. 48 , pp. 419-434 . https://doi.org/10.1016/j.irfa.2015.03.007
dc.identifier.issn1057-5219
dc.identifier.otherPURE: 8257768
dc.identifier.otherPURE UUID: b1d64021-1570-406e-8f94-0c3ecac21472
dc.identifier.otherScopus: 84925728752
dc.identifier.urihttp://hdl.handle.net/2299/17569
dc.descriptionThis is the accepted manuscript version of an article accepted for publication in International Review of Financial Analysis, after peer review, and is made available under the terms of the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ The final, definitive Version of Record is available online via: https://doi.org/10.1016/j.irfa.2015.03.007
dc.description.abstractThis paper investigates the degree of global versus regional financial integration in Southeast Asia during the period 2004-2012. We examine integration in the money and bond markets in Asia by employing a covered-interest-parity-based measure of financial integration. The impact of the 2008 financial crisis as well as the recent regional bond initiatives on the integration process of Asian money and bond markets respectively are specifically investigated. Empirically, we adopt the Phillips and Sul (2007) convergence methodology that has not been previously employed to examine the integration process in Asian money and bond markets. We find evidence of both global and regional integration in the money market pre 2008 but once the crisis hit, the process of global integration comes to an abrupt halt. However, regional integration, albeit at a slower pace, is still clearly evident in the post-crisis period. As for the Asian bond market, evidence of both global and regional integration is found but, in comparison, the latter is more convergent post 2008. Regional integration is stronger when interest rates with longer maturity are considered. In addition, we identify some convergent sub-groups of countries and this suggests that a multi-tiered style of convergence is present.en
dc.format.extent16
dc.language.isoeng
dc.relation.ispartofInternational Review of Financial Analysis
dc.subjectFinancial integration
dc.subjectPanel convergence
dc.subjectMoney market
dc.subjectBond market
dc.titleAsian Financial Integration: Global or Regional? : Evidence from Money and Bond Marketsen
dc.contributor.institutionHertfordshire Business School
dc.contributor.institutionSocial Sciences, Arts & Humanities Research Institute
dc.contributor.institutionDepartment of Accounting, Finance and Economics
dc.description.statusPeer reviewed
dc.date.embargoedUntil2017-03-12
rioxxterms.versionAM
rioxxterms.versionofrecordhttps://doi.org/10.1016/j.irfa.2015.03.007
rioxxterms.typeJournal Article/Review
herts.preservation.rarelyaccessedtrue


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