Capital market integration and fiscal sustainability

Islamic Capital Market Integration and Asymmetric Information: A Study in the Five Asean Countries From the Post-Global Financial Crisis

“…Since then, many scholars have addressed this issue in many countries, such as Indonesia, the ASEAN countries, India, Greece, Australia, the UK, the USA, and many others. Most of them support the capital market integration hypothesis, but with the difference in samples and periods (Roca et al, 1998;Simpson, 2008;Majid et al, 2007;Click & Plummer, 2005;Siddiqui, 2009;Kassim, 2010;Matei, 2020;Yao et al, 2018;Miyazawa et al, 2019;Caporale et al, 2019). 2 In selected ASEAN countries, specifically, this issue is also addressed by some scholars, leading to the similar conclusion that capital markets among countries are interconnected (see, inter alia, Roca et al, 1998;Chan et al, 2018;Nittayagasetwat & Buranasiri, 2018;Qizam et al, 2015).…”

“…To date, there has been a great deal of literature on capital market integration, both related to Islamic and conventional capital markets. Previous studies were not only conducted in the specific regional areas (ASEAN, European Union, MENA, or other regions) but also had involved a broader context (international), for example, the extent to which the integration of capital markets among developed countries and global capital market has an impact on capital markets in developing countries with a variety of research models (see Swanson, 1987;Click & Plummer, 2005;Simpson, 2008;Majid et al, 2007;Siddiqui, 2009;Kabir et al, 2013;Rangvid et al, 2016;Chevallier et al, 2018;Miyazawa et al, 2019;Caporale et al, 2019;Tinta et al, 2018;Nittayagasetwat & Buranasiri, 2018). Besides, capital market integration has been also proven to bring many benefits, e.g., an increase in liquidity (Singh, 2009), the more efficient resource-allocation for improved productivity and more access to investment opportunities (Bonfiglioli, 2008;Gehringer, 2013), the easier rather than a single country portfolio is also considered a distinctive approach to measure levels of capital market integration (De Santis & Sarno, 2008;Bekaert et al, 2009;Lekovic, 2018).…”

Formalization of a new stock trend prediction methodology based on the sector price book value for the Colombian market

“… Miyazawa et al. (2019) state that global financial integration plays an essential role in economic growth, as long as the challenges and changes in economic policies generated by the continuous integrations of capital markets and their respective interactions are accepted ( López-Rodríguez et al., 2019 ).…”

Global Corporate Income Tax Competition, Knowledge Spillover, and Growth

“…This is because capital mobility has increased significantly in recent years (Hwang and Kim 2018). Miyazawa et al (2019) consider tax competition when the spillover effect of capital across countries exists. They examine how capital income tax competition affects fiscal sustainability.…”