scholarly journals Does Financial Integration Matter for Financial Development? Evidence from the East Asian and Pacific Region

2019 ◽  
Vol 34 (4) ◽  
pp. 591-618 ◽  
Author(s):  
Farhad Taghizadeh-Hesary ◽  
Nguyet Thi Minh Phi ◽  
Hanh Hoang Thi Hong ◽  
Vu Tuan Chu
Keyword(s):  
Financial Development ◽  
Financial Integration ◽  
East Asian ◽  
Pacific Region

Financial Integrational Effects on Macroeconomic Instability in India

2017 ◽  
Vol 11 (2) ◽  
pp. 143-166
Author(s):  
Niranjan R.
Keyword(s):  
Financial Development ◽  
Financial Integration ◽  
Trade Openness ◽  
Jel Classification ◽  
Financial Openness ◽  
Vector Error Correction ◽  
Vector Error ◽  
International Financial Integration ◽  
Macroeconomic Instability ◽  
Negative Effect

The nexus between international financial integration and economic growth continues to be one of the most debated issues among macroeconomists, and these debates often raise several issues from the theoretical and policy perspectives. Financial integration can catalyse financial development, improve governance and impose discipline on macro-policies. However, in the absence of a basic pre-existing level of supporting conditions, financial integration can aggravate instability (Khadraoui, 2010). In addition, economic theory suggests that increased financial openness intensifies macroeconomic instability. This article investigates the financial integrational effects on macroeconomic instability in terms of output, consumption and investment volatility by employing the vector error correction model (VECM) with empirically reasonably parameters for an emerging economy, India, for the period 1989–2014. From the results, it is evident that financial openness has had a significant effect on output, consumption and investment volatility. Financial development has had a statistically significant negative effect on output, consumption and investment volatility. Similarly, trade openness and terms of trade significantly influence output, consumption and investment volatility. JEL Classification: F36, F41, F43, E32

scholarly journals The Impact of the Financial Crisis on Financial Integration, Growth and Investment

2012 ◽  
Vol 220 ◽  
pp. R29-R35 ◽  
Author(s):  
Robert Inklaar ◽  
Juan Fernández de Guevara ◽  
Joaquín Maudos
Keyword(s):  
Financial Crisis ◽  
Financial Development ◽  
Financial Crises ◽  
Financial Integration ◽  
Economic Cost ◽  
Uncertainty Aversion ◽  
The Past ◽  
Regulatory Changes ◽  
The Impact ◽  
European Financial Integration

Financial crises, and in particular those of the past few years, have severe consequences for the affected economies. In this paper we analyse the impact of financial development and European financial integration on growth and we find no reversal of the growth benefits of financial development and integration in recent years. This highlights the economic cost of regulatory changes that would reverse European financial integration. We also find that, following a financial crisis, investment declines more in countries with a greater degree of uncertainty aversion, which can be informative for evaluating post-crisis economic performance.

Changes in the relationship between the East Asian winter monsoon and ENSO under global warming

2020 ◽  
Author(s):  
Zixuan Jia ◽  
Massimo Bollasina ◽  
Chaofan Li ◽  
Ruth Doherty ◽  
Oliver Wild
Keyword(s):  
Global Warming ◽  
East Asian Winter Monsoon ◽  
Southern Oscillation ◽  
East Asian ◽  
Winter Monsoon ◽  
Pacific Region ◽  
Anthropogenic Aerosols ◽  
Asian Winter Monsoon ◽  
Asian Pacific Region ◽  
Asian Pacific

<p>The East Asian winter monsoon (EAWM) is a prominent feature of the northern hemisphere atmospheric circulation during boreal winter, which has a large influence on weather and climate of the Asian-Pacific region. At interannual time scales, the strength of the EAWM is strongly influenced by the El Niño-Southern Oscillation (ENSO), while the ENSO-EAWM relationship displays pronounced interdecadal variations associated with changes in the ENSO teleconnection pathways to East Asia. Using future transient simulations from the Max Planck Institute-Grand Ensemble (MPI-GE), changes in the ENSO-EAWM relationship are examined at various global warming levels during the 21<sup>st</sup>-century. Results indicate that this relationship will enhance from present-day to +1.5°C, and then weaken until +3°C, strongly impacted by changes in anthropogenic forcing with internal variability playing a negligible role. The ENSO-EAWM relationship is strongly related to the background mean state of both the EAWM and ENSO under global warming. Both the climatological EAWM strength and the ENSO-related anomalies across the Asian-Pacific region contribute to changes in the ENSO-EAWM relationship. Furthermore, anthropogenic aerosols are also found to play a major role in influencing the ENSO-EAWM relationship under moderate warming (up to 1.5°C).</p>

scholarly journals Financial Integration, Financial Development, and Global Imbalances

2009 ◽  
Vol 117 (3) ◽  
pp. 371-416 ◽  
Author(s):  
Enrique G. Mendoza ◽  
Vincenzo Quadrini ◽  
José‐Víctor Ríos‐Rull
Keyword(s):  
Financial Development ◽  
Financial Integration ◽  
Global Imbalances
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