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Integration of Emergency Equity Markets: Major Asian Players

Author

Listed:
  • Evzen Kocenda

    (CERGE-EI)

  • Jan Hanousek

    (CERGE-EI)

Abstract

This paper analyzes the most advanced part of the emerging capital market of East Asia in order to assess its weak- form efficiency and to test for the conver-gence of market returns in the different countries The analysis of convergence addresses the question of whether the markets in East Asia are becoming a single market rather than a group of segmented ones and whether they behave efficiently. We haw found support for the fact that the returns of Fast Asian capital markets are converging within selected group and "limiting" group mean returns are weak-form efficient.

Suggested Citation

  • Evzen Kocenda & Jan Hanousek, 1998. "Integration of Emergency Equity Markets: Major Asian Players," Korean Economic Review, Korean Economic Association, vol. 14, pages 99-113.
    • Handle: RePEc:kea:keappr:ker-199806-14-1-06
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    File URL: http://keapaper.kea.ne.kr/RePEc/kea/keappr/KER-199806-14-1-06.pdf
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    Citations

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    Cited by:

    1. Jarko Fidrmuc & Iikka Korhonen & Ivana Bátorová, 2013. "China in the World Economy: Dynamic Correlation Analysis of Business Cycles," CESifo Economic Studies, CESifo, vol. 59(2), pages 392-411, June.
    2. Fidrmuc, Jarko & Korhonen, Iikka, 2010. "The impact of the global financial crisis on business cycles in Asian emerging economies," Journal of Asian Economics, Elsevier, vol. 21(3), pages 293-303, June.
    3. Hallett, Andrew Hughes & Richter, Christian, 2011. "Trans-Pacific Economic Relations and US-China Business Cycles: Convergence within Asia versus US Economic Leadership," ADBI Working Papers 292, Asian Development Bank Institute.
    4. Fidrmuc, Jarko & Korhonen, Iikka, 2010. "The impact of the global financial crisis on business cycles in Asian emerging economies," Journal of Asian Economics, Elsevier, vol. 21(3), pages 293-303, June.
    5. Petrakis, P.E. & Stamatakis, D., 2005. "Human capital, growth and convergence traps: Implications from a cross-country analysis," Proceedings of the German Development Economics Conference, Kiel 2005 26, Verein für Socialpolitik, Research Committee Development Economics.
    6. Kocenda, Evzen, 1998. "Exchange rate in transition," MPRA Paper 32030, University Library of Munich, Germany.
    7. Andrew Hughes Hallett & Christian Richter, 2009. "Economics in the Backyard: How Much Convergence is there between China and her Special Regions?," The World Economy, Wiley Blackwell, vol. 32(6), pages 819-861, June.
    8. repec:zbw:bofitp:2008_007 is not listed on IDEAS
    9. D. Stamatakis, 2016. "Convergence on Alternative Human Capital Proxy Variables: A Cross Country Empirical Investigation," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 86-109.
    10. Andrew Hughes Hallett & Christian Richter, 2009. "Is the US no longer the economy of first resort? Changing economic relationships in the Asia-Pacific region," International Economics and Economic Policy, Springer, vol. 6(2), pages 207-234, July.
    11. repec:zbw:bofitp:2009_011 is not listed on IDEAS
    12. Jarko Fidrmuc & Iikka Korhonen & Ivana Bátorová, 2013. "China in the World Economy: Dynamic Correlation Analysis of Business Cycles," CESifo Economic Studies, CESifo Group, vol. 59(2), pages 392-411, June.

    More about this item

    Keywords

    Market Return Differential; Convergence; Panel Data; Stationarity; Market Efficiency;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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