Global S&T Development Trend Analysis Platform of Resources and Environment
Cross-Border Portfolio Investment and Financial Integration in Asia and the Pacific Region | |
[unavailable] | |
2018-05-04 | |
出版年 | 2018 |
语种 | 英语 |
国家 | 国际 |
领域 | 气候变化 |
英文摘要 |
Asia and the Pacific region faced an outflow of portfolio investment during the start of the global financial crisis and a new wave of cross-border portfolio inflows after the cris. We examine the developments of cross-border portfolio assets and liabilities in Asia and the Pacific region over the period 2001–2017. Rapid increases in both portfolio foreign assets and liabilities have taken place particularly after the 2008–2009 global financial crisis. These cross-border portfolio investments have the following characteristics. First, equity has been a dominant source of foreign liabilities notwithstanding efforts to develop bond markets in the region. One exception is Australia, where foreign liabilities have been largely in the form of debt securities. Limited capital inflows to debt securities issued by emerging Asia may be attributable to the early stages of bond market development. Second, in contrast, debt securities have remained dominant as foreign assets held by the region. This mostly reflects Japan’s preference toward debt securities. Other Asian and Pacific economies have invested more heavily in foreign equity. Third, the region’s assets and liabilities linkages have remained overwhelmingly strengthened against the United States and Europe. Nonetheless, the post-crisis period has witnessed greater financial integration within the region. The intraregional linkages have been deepest between Hong Kong, China and the People’s Republic of China (PRC), where the former has become a major financier of equity issued by the latter. Singapore increasingly plays a role as an equity investor toward the PRC, Japan, the Republic of Korea, and other ASEAN economies. Albeit from the low level, the intra-ASEAN integration has been noticeable. Fourth, Japan with the largest abundant domestic capital has remained predominantly exposed to the United States and Europe. Within the region, debt securities issued by Australia have increasingly attracted Japan’s capital. To conclude, intraregional financial integration has risen at the center of the PRC with growing linkages with Hong Kong, China and Singapore. WORKING PAPER NO: 841 |
URL | 查看原文 |
来源平台 | Asian Development Bank |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/235199 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | [unavailable]. Cross-Border Portfolio Investment and Financial Integration in Asia and the Pacific Region,2018. |
条目包含的文件 | 下载所有文件 | |||||
文件名称/大小 | 文献类型 | 版本类型 | 开放类型 | 使用许可 | ||
adbi-wp841.pdf(3674KB) | 科技报告 | 开放获取 | CC BY-NC-SA | 浏览 下载 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
查看访问统计 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[[unavailable]]的文章 |
百度学术 |
百度学术中相似的文章 |
[[unavailable]]的文章 |
必应学术 |
必应学术中相似的文章 |
[[unavailable]]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论