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IJFS
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New Challenges in Asian Capital Markets
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New Challenges in Asian Capital Markets

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (30 June 2016) | Viewed by 28098

Special Issue Editors

M.Phil Katsuhiko Takagaki

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Guest Editor
1. Graduate School of Economics, Waseda University, 1-6-1 Nishi-Waseda, Shinjyuku, Tokyo, Japan
2. St. Antony’s College, University of Oxford, 62 Woodstock Road, Oxford OX2 6JF, UK
Interests: applied macroeconomics; time series econometrics; applied game theory and corporate tax
Prof. Dr. Nicholas Apergis

grade E-Mail Website
Guest Editor
Department of Banking and Financial Management, University of Piraeus, 18534 Piraeus, Greece
Interests: macrofinance; energy economics and finance; applied economics
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

As a result of advances in information technology, deregulation, and globalization, Asian capital markets have been subject to dramatic changes over the past decades. In addition, Asian capital markets have gone through some crisis events. These events have stimulated consolidation among financial institutions as well as capital markets, as documented in a number of references in the literature. Although similar forces driving consolidation in mature markets are at work in the emerging markets as well, the effects or implications of the latter forces may be different.

According to the global economic outlook, the global economic growth in 2015–2016 is projected to be between 3.5%–3.7%, while the growth in Emerging and Developing Asia is expected to be between 6.4%–6.2% (January 2015). This may indicate that Asian economies will lead global economic growth by 2020. However, macroeconomic shocks can introduce external and balance sheet vulnerabilities in both Asian countries and capital markets.

Therefore, we would like to set the objectives of this Special Issue, which are: to reveal/address the underlying new issues or challenges in Asian capital markets and to propose potential solutions. We would like to call as many papers as possible to address these issues and provide potential solutions, so as to achieve sustainable growth.

Potential topics follow below. Similarly, any other related topics that raise issues concerning Asian capital markets and which propose potential solutions for the development/improvement of the Asian economy/capital markets will also be highly welcome.

  • Capital markets, infrastructure, and investment
  • Micro- and macro-prudential policies with respect to capital markets
  • Capital markets and international financial stability
  • Capital markets and risk analysis
  • Cross-border capital flows
  • Capital markets and the financing of new sources of energy
  • Capital markets and economic growth
  • Capital markets and trade integration
  • Structural reforms in capital markets
  • Capital market imperfections
  • Capital markets and foreign exchange
  • Currency unification (Asian Monetary Union)
  • Capital markets and financial crises
  • Case studies in certain Asian capital markets
  • Capital markets and tax effective supply chain or base erosion and profit shifting
  • Other related topics

M.Phil Katsuhiko Takagaki
Prof. Dr. Nicholas Apergis
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • capital markets
  • Asia
  • integration
  • financial institutions
  • development
  • financial crisis
  • prudential policies
  • investment
  • imperfect
  • currency union
  • international tax regimes and capital markets

Published Papers (5 papers)

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Editorial

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162 KiB  
Editorial
Editorial for Special Issue “New Challenges in Asian Capital Markets”
by Nicholas Apergis and Katsuhiko Takagaki
Int. J. Financial Stud. 2017, 5(3), 16; https://doi.org/10.3390/ijfs5030016 - 02 Aug 2017
Viewed by 3046
Abstract
We are pleased to announce the Special Issue on the New Challenges in Asian Capital Markets in the International Journal of Financial Studies. The focus of papers in this Special Issue is on the future challenges and/or future developments Asian Finance. In addition, [...] Read more.
We are pleased to announce the Special Issue on the New Challenges in Asian Capital Markets in the International Journal of Financial Studies. The focus of papers in this Special Issue is on the future challenges and/or future developments Asian Finance. In addition, one article provides a review of the literature on certain issues in relevance to the banking and capital markets in Asia. This Guest Editor’s note synthesizes the contributing authors’ propositions and findings regarding these challenges and developments and hopes that opens new venues for future research directions. Full article
(This article belongs to the Special Issue New Challenges in Asian Capital Markets)

Research

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468 KiB  
Article
Policy Impact on the Chinese Stock Market: From the 1994 Bailout Policies to the 2015 Shanghai-Hong Kong Stock Connect
by Yang-Chao Wang, Jui-Jung Tsai and Qiaoqiao Li
Int. J. Financial Stud. 2017, 5(1), 4; https://doi.org/10.3390/ijfs5010004 - 18 Jan 2017
Cited by 18 | Viewed by 8094
Abstract
From the 1994 bailout policies to the 2015 Shanghai-Hong Kong Stock Connect, the policy impact on the Chinese stock market has changed over time. By May 2015, global investors can directly invest in a more legalized and normalized Chinese stock market, whereas they [...] Read more.
From the 1994 bailout policies to the 2015 Shanghai-Hong Kong Stock Connect, the policy impact on the Chinese stock market has changed over time. By May 2015, global investors can directly invest in a more legalized and normalized Chinese stock market, whereas they are still concerned about the policy-oriented market and its attendant risks. In this study, we employ the family of GARCH models to investigate the structural changes in risks with the implementation of a series of policies. Our results show that although many policies improve or stabilize the stock market, certain policies lead to substantial volatility. Among them, macro-control policies and transaction cost adjustments are a double-edged sword, which should be used with caution. Furthermore, with opening-up policies being launched recently, the Chinese stock market has entered a new stage in which it affects international capital markets. However, the increased risks, which may result in a sharp turnaround, cause worry. Full article
(This article belongs to the Special Issue New Challenges in Asian Capital Markets)
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566 KiB  
Article
Does Bilateral Market and Financial Integration Explains International Co-Movement Patterns1
by Mobeen Ur Rehman and Syed Muhammad Amir Shah
Int. J. Financial Stud. 2016, 4(2), 10; https://doi.org/10.3390/ijfs4020010 - 17 May 2016
Cited by 8 | Viewed by 4432
Abstract
This study aims to explore the relationship between market integration, foreign portfolio equity holding and inflation rates on international stock market linkages between Pakistan and India. To measure stock equity interlinkage, we constructed international co-movement index through rolling beta estimation. Market integration variable [...] Read more.
This study aims to explore the relationship between market integration, foreign portfolio equity holding and inflation rates on international stock market linkages between Pakistan and India. To measure stock equity interlinkage, we constructed international co-movement index through rolling beta estimation. Market integration variable between these two countries is constructed using the International Capital Asset Pricing Model (ICAPM). To check the impact of market integration, foreign portfolio equity holding and inflation rate on Pakistan-Indian stock market co-movement, we applied autoregressive distributed lag (ARDL) estimation. ARDL estimation is applied due to different stationarity levels of the included variables. The level of convergence speed is measured by the introduction of error correction term (ECT) followed by variance decomposition analysis. Results of the study indicated presence of long term relationship among the included variables along with significance variance in bilateral co-movement due to inflation rate differential. The significance of inflation rate differences between these two countries are in accordance with portfolio balance theory stating that investors possess information about the macroeconomic variables thereby readjusting their portfolios for effective diversification. Full article
(This article belongs to the Special Issue New Challenges in Asian Capital Markets)
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Figure 1

345 KiB  
Article
Is Economic Development Promoting Monetary Integration in East Asia?
by Kentaro Kawasaki and Zhi-Qian Wang
Int. J. Financial Stud. 2015, 3(4), 451-481; https://doi.org/10.3390/ijfs3040451 - 09 Oct 2015
Viewed by 4607
Abstract
This paper tries to investigate whether there exist international integrated markets among East Asian economies, by employing the Generalized Purchasing Power Parity (G-PPP) model, then, it would help to suggest whether the East Asian region is the Optimum Currency Area (OCA) or not. [...] Read more.
This paper tries to investigate whether there exist international integrated markets among East Asian economies, by employing the Generalized Purchasing Power Parity (G-PPP) model, then, it would help to suggest whether the East Asian region is the Optimum Currency Area (OCA) or not. The empirical results in this paper suggest that holding the G-PPP among nine Asian countries (China, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam) becomes more applicable in 2000–2013 than of that in 1984–1997. In the period of “globalization,” which is characterized by expansion of world trade, increase of international capital flows, and development of information and communications technologies, Asian economic development has been promoting not only economic integrations but also constructing the stable linkages of real exchange rates. Therefore, it would help to adopt regional coordination for monetary policies to assure the feasibility of a possible monetary union. Full article
(This article belongs to the Special Issue New Challenges in Asian Capital Markets)

Review

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291 KiB  
Review
Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region
by Michael Regan
Int. J. Financial Stud. 2017, 5(1), 5; https://doi.org/10.3390/ijfs5010005 - 09 Feb 2017
Cited by 15 | Viewed by 7125
Abstract
This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important [...] Read more.
This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation’s output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth. Full article
(This article belongs to the Special Issue New Challenges in Asian Capital Markets)
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