Special Issue "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)

Special Issue Editors

Guest Editor
M.Phil Katsuhiko Takagaki

1Graduate 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
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Interests: applied macroeconomics; time series econometrics; applied game theory and corporate tax
Guest Editor
Nicholas Apergis

Department of Banking and Financial Management, University of Piraeus, Piraeus 18534, Greece
Website | E-Mail
Interests: macroeconomics, energy economics, domestic and international financial markets

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 papers will be 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 Charges (APCs) of 350 CHF (Swiss Francs) per published paper are fully funded by institutions through the Knowledge Unlatched initiative, resulting in no direct charge to authors. 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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Open AccessEditorial Editorial for Special Issue “New Challenges in Asian Capital Markets”
Int. J. Financial Stud. 2017, 5(3), 16; https://doi.org/10.3390/ijfs5030016
Received: 10 July 2017 / Revised: 10 July 2017 / Accepted: 11 July 2017 / Published: 2 August 2017
PDF Full-text (162 KB) | HTML Full-text | XML Full-text
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,
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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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Open AccessArticle Policy Impact on the Chinese Stock Market: From the 1994 Bailout Policies to the 2015 Shanghai-Hong Kong Stock Connect
Int. J. Financial Stud. 2017, 5(1), 4; https://doi.org/10.3390/ijfs5010004
Received: 29 August 2016 / Revised: 29 November 2016 / Accepted: 29 November 2016 / Published: 18 January 2017
Cited by 3 | PDF Full-text (468 KB) | HTML Full-text | XML Full-text
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
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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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Open AccessArticle Does Bilateral Market and Financial Integration Explains International Co-Movement Patterns1
Int. J. Financial Stud. 2016, 4(2), 10; https://doi.org/10.3390/ijfs4020010
Received: 30 January 2016 / Revised: 2 May 2016 / Accepted: 4 May 2016 / Published: 17 May 2016
Cited by 2 | PDF Full-text (566 KB) | HTML Full-text | XML Full-text
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
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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

Open AccessArticle Is Economic Development Promoting Monetary Integration in East Asia?
Int. J. Financial Stud. 2015, 3(4), 451-481; https://doi.org/10.3390/ijfs3040451
Received: 7 July 2015 / Revised: 21 September 2015 / Accepted: 25 September 2015 / Published: 9 October 2015
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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.
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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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Open AccessReview Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region
Int. J. Financial Stud. 2017, 5(1), 5; https://doi.org/10.3390/ijfs5010005
Received: 14 July 2016 / Revised: 3 November 2016 / Accepted: 5 January 2017 / Published: 9 February 2017
PDF Full-text (291 KB) | HTML Full-text | XML Full-text
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
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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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