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Cross- Border Portfolio Investment and Financial Integration in Asia and the Pacific Region

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  • Sayuri Shirai
  • Eric Alexander Sugandi

Abstract

This paper examines the developments of cross-border portfolio assets and liabilities in the Asia and Pacific region over the periods of 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.

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  • Sayuri Shirai & Eric Alexander Sugandi, 2018. "Cross- Border Portfolio Investment and Financial Integration in Asia and the Pacific Region," Working Papers id:12817, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:12817
    Note: Institutional Papers
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    References listed on IDEAS

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    1. Michele Cavallo & Marco Del Negro & W. Scott Frame & Jamie Grasing & Benjamin A. Malin & Carlo Rosa, 2019. "Fiscal Implications of the Federal Reserve's Balance Sheet Normalization," International Journal of Central Banking, International Journal of Central Banking, vol. 15(5), pages 255-306, December.
    2. Asian Development Bank Institute, 2017. "Asian Economic Integration Report 2016," Working Papers id:11730, eSocialSciences.
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    Cited by:

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    2. Lean, Hooi Hooi & Alkhazali, Osamah M. & Gleason, Kimberley & Yeap, Xiu Wei, 2024. "Connectedness and economic policy uncertainty spillovers to the ASEAN stock markets," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 167-186.
    3. Ge, Futing & Zhang, Weiguo, 2022. "The determinants of cross-border bond risk premia," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    4. Islam, Raisul & Volkov, Vladimir, 2020. "Contagion or interdependence? Comparing signed and unsigned spillovers," Working Papers 2020-05, University of Tasmania, Tasmanian School of Business and Economics.
    5. Tsang, Andrew & Yiu, Matthew S. & Nguyen, Huy Toan, 2021. "Spillover across sovereign bond markets between the US and ASEAN4 economies," Journal of Asian Economics, Elsevier, vol. 76(C).

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