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The changing network of financial market linkages: the Asian experience

Citation

Chowdhury, B and Dungey, M and Kangogo, M and Sayeed, MA and Volkov, V, The changing network of financial market linkages: the Asian experience, International Review of Financial Analysis, 64, (July 2019) pp. 71-92. ISSN 1057-5219 (2019) [Refereed Article]


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Copyright Statement

2019 Elsevier Inc. All rights reserved.

Official URL: https://www.sciencedirect.com/science/article/pii/...

DOI: doi:10.1016/j.irfa.2019.05.003

Abstract

We investigate the changing integration of Asian financial markets within the global financial network from 1995 to 2016, incorporating the direction of links between markets, the significance of these links, and their strength. Emphasis is placed on the transition of the networks before and after the Asian financial crisis of 19971998 and the global financial crisis of 20082009. The results reveal a general deepening of the connections of the Asian market with the rest of the world over the past two decades. The analysis demonstrates the increase in interconnectedness during periods of stress and the fall in the number of links in post-crisis periods. Moreover, many of these markets have transitioned from being primarily linked to the global markets via key bridge markets (such as Hong Kong) and over time developed stronger direct links with external markets. These findings highlight the potential importance of key geographical nodes in allowing emerging markets access to the international financial network.

Item Details

Item Type:Refereed Article
Keywords:network, financial crises, Asian markets
Research Division:Economics
Research Group:Applied Economics
Research Field:Macroeconomics (incl. Monetary and Fiscal Theory)
Objective Division:Economic Framework
Objective Group:Macroeconomics
Objective Field:Macroeconomics not elsewhere classified
UTAS Author:Chowdhury, B (Mr Biplob Chowdhury)
UTAS Author:Dungey, M (Professor Mardi Dungey)
UTAS Author:Kangogo, M (Mr Moses Kangogo)
UTAS Author:Sayeed, MA (Mr Mohammad Sayeed)
UTAS Author:Volkov, V (Mr Vladimir Volkov)
ID Code:133293
Year Published:2019
Web of Science® Times Cited:3
Deposited By:Economics and Finance
Deposited On:2019-06-21
Last Modified:2019-12-16
Downloads:0

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