Regional integration, capital mobility and financial intermediation revisited: Application of general to specific method in panel data

Kumar, Saten

doi:10.1016/j.intfin.2015.02.008

Cited by 14 publications

(9 citation statements)

References 80 publications

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“…An integrated regional stock market is essential for both investors and government policymakers. If a regional stock market is integrated with liquidity, capital can easily flow between all member countries to allocate funds productively and efficiently and reduce the cost of investment (Click and Plummer, 2005;Kumar, 2015). Moreover, the integration of regional stock market will provide investors with better opportunities to pursue diversified portfolio investments and risk reduction (Narayan et al, 2004).…”

Section: Will Our Results Prove To Some Extent the Process Of Asean-5's Integration?mentioning

confidence: 99%

Fundamental and behavioural determinants of stock return volatility in ASEAN-5 countries

Thampanya

Nasir

et al. 2020

Journal of International Financial Markets, Institutions and Mo

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Fundamental and behavioural factors are the two determinants of stock prices but are rarely investigated simultaneously. This paper examines the role of fundamental and behavioural factors in stock return volatility in the Association of Southeast Asian Nations-5 countries (ASEAN-5) for the period of January 1995 to December 2018 comprising three regimes (before Asian, between Asian and Global, and after Global financial crises). We find that fundamental factors play crucial roles in influencing stock market volatility in Malaysia, Thailand, and Singapore; whereas, behavioural factors affect stock market volatility more significantly than fundamental factors in Indonesia and the Philippines. We find distinctive differences across the three regimes supporting the above findings. Further our results suggest that ASEAN-5 has made encouraging progress of integration with Malaysia and Thailand being closer to Singapore in terms of economic development, corporate values, and political stability; however, Indonesia and the Philippines are much behind showing economic instability and their vulnerabilities are especially associated with the timing of the Asian and global financial crises. Our findings also suggest that monetary policies play a more important role than fiscal policies in the region and highlight a number of policy implications.

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Section: Will Our Results Prove To Some Extent the Process Of Asean-5's Integration?mentioning

confidence: 99%

Fundamental and behavioural determinants of stock return volatility in ASEAN-5 countries

Thampanya

Nasir

et al. 2020

Journal of International Financial Markets, Institutions and Mo

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“…Some studies analyzing East-Asian and African countries have revealed low saving-retention coefficient, contradicting the Feldstein-Horioka puzzle (Narayan, 2005;Guillaumin, 2009;Wang, 2013;Raheem, 2017;Murthy & Ketenci, 2021), while other papers have found little evidence on increased capital flows (Kim et al, 2007;Mitra, 2017;Kaur & Sarin, 2018;Patra & Mohanty, 2020;Yilanci & Kilci, 2021). A limited number of studies focusing on the degree of international capital mobility in the region of Latin America and the Caribbean have demonstrated low saving-retention coefficient, an indicator of high capital mobility (Murthy, 2009;Rocha, 2009;Kumar, 2015;Cavallo & Pedemonte, 2016); however, the studies either analyse a limited sample of Latina American and Caribbean countries or employ outdated panel estimation techniques or as in case of Kumar (2015) focus only on one of the Latina American regional integration agreements (MERCOSUR). Thus, this paper contributes to the literature on the Feldstein-Horioka puzzle by analysing the extent of capital flows from both regional and global perspective in three Latin American and Caribbean regional trade agreements: SICA, Andean Community and MERCOSUR.…”

Section: Literature Reviewmentioning

confidence: 99%

International and Regional Capital Mobility in Latin American Countries

Yersh

2022

Technological and Economic Development of Economy

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This study examines the role of global, regional and domestic saving for domestic investment financing in the panel of Latin American and Caribbean countries along with its three regional integration blocks, namely SICA, Andean Community and MERCOSUR. Panel regression and rolling-window estimation results reveal that global saving is the main source of domestic investment financing in the region of Latin America and the Caribbean, SICA, Andean Community and MERCOSUR. The role of domestic and regional savings is rather limited, implying that there are weak regional and domestic channels that can funnel domestic and regional savings into investment in the analysed samples. The importance of regional agreement saving is insignificant and decreases over the analysed period except for the Andean Community. The results indicate low financial integration of the member-countries within the three regional trade agreements.

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“…At the same time, Moldova, and the European Union (EU) signed an Association Agreement in 2014, which considerably increased Moldovan producers' access to EU markets. The EU is Moldova's most significant economic partner, accounting for over 70% of the country's exports in 2019 (Kumar, 2015).…”

Section: Introductionmentioning

confidence: 99%

Moldovan- EU Economic Cooperation: The Role and Potential of Agricultural Sector

Secrieru

Terskaya

Solovykh

2021

JOWETT

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Agriculture is one of the most important aspects of every country's economy. The Republic of Moldova enjoys a competitive advantage in agricultural output due to its excellent soil and temperate temperature. The Association Agreement between Moldova and the European Union (EU), which was signed in 2014, greatly increased Moldovan producers' access to EU markets. The EU is Moldova's most significant economic partner, accounting for over 70% of the country's exports in 2019. In general, integrating Moldovan food producers into global value chains through supply chain connections with big retailers and exports helps them to scale up, improve productivity, and eventually contribute more to Moldova's economic growth. The developments in Moldova's agricultural and food trade following the establishment of the Deep and Comprehensive Free Trade Agreement (DCFTA) with the European Union are examined in this study. The study will look at Moldova's foreign trade activities from the standpoint of agriculture and food goods.

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Regional integration, capital mobility and financial intermediation revisited: Application of general to specific method in panel data

Cited by 14 publications

References 80 publications

Fundamental and behavioural determinants of stock return volatility in ASEAN-5 countries

Fundamental and behavioural determinants of stock return volatility in ASEAN-5 countries

International and Regional Capital Mobility in Latin American Countries

Moldovan- EU Economic Cooperation: The Role and Potential of Agricultural Sector

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