Asia Pacific Financial Markets in Comparative Perspective: by Thomas A. Fetherston, Jonathan A. Batten, T. a. Fetherston

By Thomas A. Fetherston, Jonathan A. Batten, T. a. Fetherston

The target of the quantity is to supply a few historical past at the quite a few monetary marketplace segments of the Asian Pacific quarter. An realizing of institutional element (size and scope) of the suitable markets gives a view that lends or detracts from the credibility of intermarket comparisons. An publicity and figuring out of institutional aspect provides details which could endure at the statistical result of the empirical research. The important roles performed bycapital markets of pricing capital, issuing new stocks, offering a liquidity-creating secondary function, serving as a automobile for asset move, and offering a linkage to foreign capital markets are as vital to rising markets as to constructed nations.

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The Russian default along with its spillover to Latin America caused large losses for some western banks and leveraged hedge funds. The highly publicized Long Term Capital Management Ltd episode showed how Western financial institutions could be vulnerable, and it also drew attention to analysts’ lack of knowledge about the extent of derivative risk that exists in today’s domestic and global financial markets. A voluminous literature has sprung up which attempts to explain what caused the Asian financial crisis, and there are two broad explanations (see for example, Johnson, 1998; Krugman, 1998; Hutson & Kearney, 1999).

IMES Discussion Paper 2002-E-1, Bank of Japan, Institute for Monetary and Economic Studies (IMES). Baele, L. (2002). Volatility spillover effects in European equity markets: Evidence from a regime switching model. Working Paper, Ghent University. , & Huang, M. (2001). Mental accounting, loss aversion and individual stock returns. The Journal of Finance, LVI(4), 1247–1295. , & Santos, T. (2001). Prospect theory and asset prices. Quarterly Journal of Economics, 116, 1–53. Barth, M. , & Clinch, G.

In particular through the linkages established between the four pillars the paper shows that reform packages that espouse a restricted policy focus are unlikely to succeed. The Szilagyi piece is in the vein of the academic research of the past decade advocating proposals on how Japan should reform, redesign and administer its bank-based financial system (Schinasi & Smith, 1998; Kuratani & Endo, 2000; Hattori, Koyama, & Yonetani, 2001; Rhee, 2001; Baba & Hisada, 2002; Batten & Szilagyi, 2003). Until the late 1980s, this unique regime, involving banks having cross-ownership with industry, was a driving force behind Japan’s post-war economic miracle.

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