scholarly journals Society 5.0 and Financial Integration in Developed Countries

2021 ◽  
Author(s):  
Kanish Garayev
Keyword(s):  
Financial Integration ◽  
Developed Countries

Econometric analysis of financial cointegration of least developed countries (LDCs) of Asia and the Pacific

2016 ◽  
Vol 6 (2) ◽  
pp. 208-227 ◽  
Author(s):  
Vipul Kumar Singh ◽  
Faisal Ahmed
Keyword(s):  
Exchange Rates ◽  
Foreign Exchange ◽  
Financial Integration ◽  
Developed Countries ◽  
Regional Level ◽  
Data Sets ◽  
Pacific Region ◽  
Least Developed Countries ◽  
Conditional Correlation ◽  
Content Type

Purpose – The purpose of this paper is to econometrically investigate the level of financial co-integration of the least developed countries (LDCs) of Asia and Pacific region. In addition, the paper also tested the co-integration of LDCs with the world’s second largest economy “China.” For this, the paper employed the foreign exchange data sets of respective LDCs. It also aimed to assess the dynamic conditional correlation (DCC) between the foreign exchange rates of LDCs and China, and further, examined the past and current level of their co-relational dependence. Design/methodology/approach – The authors created data sets namely LDCs of Asia and Pacific, LDCs of SAARC, LDCs of ASEAN, LDCs of Pacific, LDCs of SAARC and ASEAN, LDCs of ASEAN and Pacific, and LDCs of SAARC and Pacific. In addition, the authors tested the co-integration of these seven groups with China, and thus, making a total of 14 data sets. The analysis was carried out using the Johansen and Gregory-Hansen multivariate co-integration econometric techniques. To assess the DCC, multivariate DCC GARCH model was employed. Findings – It was found that at the intra-regional level, exchange rates of LDCs of SAARC, ASEAN and Pacific were co-integrated and showed the existence of 1-3 co-integrating equations. At inter-regional level SAARC-ASEAN, ASEAN-Pacific and SAARC-Pacific were also co-integrated and showed 1-3 co-integrated equations. However, on the inclusion of China in the study, the degree of co-integration of exchange rate of China with LDCs of SAARC and ASEAN increased, while with Pacific, the result was mixed. Conditional correlation estimated of multivariate DCC GARCH model suggested that except for Afghanistan, there was an upward shift in the correlation dynamics of exchange rates of LDCs with China, post global financial crisis. Practical implications – Asia and Pacific region constituted of 53 countries, of which 13 were LDCs. Enhanced financial integration among LDCs of Asia-Pacific region and also between LDCs and major economies of the region like China will strengthen economic and financial integration efforts in the region. Originality/value – The present paper attempted a comparative assessment of the co-movements of the foreign exchange markets of LDCs, the countries which have remained largely neglected in academic discourses on financial integration.

scholarly journals International Financial Integration through Depositary Receipts (DRs)

2020 ◽  
Vol 6 (1) ◽  
pp. 301-322
Author(s):  
Obiyathulla Ismath Bacha ◽  
Norhazlina Ibrahim ◽  
Mansor H. Ibrahim
Keyword(s):  
Stock Markets ◽  
Financial Integration ◽  
Developed Countries ◽  
International Markets ◽  
Equity Capital ◽  
American Depositary Receipts ◽  
Home Equity ◽  
International Financial Integration ◽  
Show Evidence ◽  
Depositary Receipts

The issue of liquidity and underdevelopment of the Organisation of Islamic Cooperation (OIC) stock markets has caused problems to companies in those countries that seek higher equity capital. One way out of this problem is to employ international markets more intensively by seeking cheaper cost of capital through Depositary Receipts (DRs). Many studies on DRs focused on emerging and developed countries, leaving many OIC countries behind. Thus, this study investigates the financial implication by examining the integration of returns of local and foreign stock markets via American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of OIC countries. Techniques employed in this study are cointegration and the speed of adjustments to examine the existence of integration between the local and foreign stock markets. The study covers a sample of 146 firms from 17 OIC countries that are cross-listed as ADRs or GDRs from 1992 to 2011. The findings show mixed results when some markets provide evidence of integration while others show evidence of segmentation. The study on the integration between DR and home equity markets has practical implications for both the international as well as domestic investors especially on portfolio selection, asset pricing and risk management

scholarly journals The Research on Financial variables’ Influence on Net Foreign Assets

2017 ◽  
Vol 2 (2) ◽  
pp. 23
Author(s):  
Shujuan Zhai
Keyword(s):  
Financial Integration ◽  
Rapid Development ◽  
Financial Structure ◽  
Developed Countries ◽  
Smooth Transition ◽  
Net Foreign Assets ◽  
Financial Variables ◽  
Domestic Savings ◽  
Financial Opening ◽  
Foreign Assets

Based on the rapid development of the financial integration and the emergence of global imbalances, this paper takes 49 countries multinational panel data from 1980-2011 as research samples and the state net foreign assets as the research object. In the perspective of financial integration, in order to find out the effect of financial variables on the net foreign assets, we also introduce the financial development, financial structure and financial opening variables. Through research, we can conclude that financial integration and financial opening both supplement each other, the optimization of financial structure helps to improve a country's foreign net imbalance situation, and a country's financial structure can be optimized with the improvement of integration. So we believes that China should (1) increase the diversification of foreign exchange reserves and promote the internationalisation of the renminbi. (2) Improve domestic savings-investment mechanism, develop the multi-level financial market, and improve the efficiency of the financial system and the level of innovation. (3) Reform the system of capital controls and strengthen cooperation with emerging economies, thus improving our foreign net imbalance, and achieving a smooth transition of developing countries to developed countries.

The impact of financial openness on the earnings of self-employed workers – an empirical evidence from a panel dataset

2020 ◽  
Vol 20 (2) ◽  
Author(s):  
Thi Thu Huong Le
Keyword(s):  
Financial Integration ◽  
Financial Liberalization ◽  
Empirical Work ◽  
Developed Countries ◽  
Capital Account ◽  
Positive Relation ◽  
Financial Openness ◽  
Rule Based ◽  
Income Share ◽  
The Impact

This paper contributes to the literature on the effect of financial openness by investigating the factors and determinants which drive the income share to self-employed labor during financial liberalization. The question of the precise impact of liberalization on the share of the self-employed has received less attention in the literature. The authors use a de jure or a rule-based indicator as a measure of capital account openness. The empirical work is applied for a panel dataset of 30 countries during the period of 1970 – 2015. The results from all specifications support the hypothesis that financial integration leads to an increase in the unemployment rate as well as in the income share of self-employed. Nevertheless, the positive relation between financial openness and self-employed income is not evident when we focus solely on developed countries.

scholarly journals Mercados Financeiros Internacionais: Uma Aplicação da Análise de Componentes Principais em Dados Dependentes

2018 ◽  
Vol 15 (3) ◽  
pp. 359
Author(s):  
Edson Zambon Monte
Keyword(s):  
Financial Markets ◽  
Financial Integration ◽  
Principal Component ◽  
Developed Countries ◽  
Subprime Crisis ◽  
Contagion Effect ◽  
Asian Countries ◽  
Integration Pattern ◽  
Review Period ◽  
The Developed Countries

This study analyzed the analyze the integration pattern (co-movements) of the international financial markets of 25 countries, in the period from 1997 to 2015, by means of the principal component analysis, applied to the residuals of the VAR-GARCH model. The results showed that, in the subprime crisis period, there was a substantial increase of the integration between the countries, in terms of co-movements of the financial indexes (“contagion effect”), especially for the developed countries. During the review period, Asian countries reached the second position with regard to the percentage of explanation of the variability of returns indices and it the growth of China's participation was observed. Even over time, the economic, political and geographical features seem to be crucial in terms of financial integration by countries.

Impact of Economic Globalization on Income Inequality: Developed Economies vs Emerging Economies

2016 ◽  
Vol 16 (1) ◽  
pp. 49-61 ◽  
Author(s):  
Inmee Baek ◽  
Qichao Shi
Keyword(s):  
Developing Countries ◽  
Income Inequality ◽  
Financial Markets ◽  
Emerging Economies ◽  
Financial Integration ◽  
Economic Globalization ◽  
Developed Countries ◽  
Trade Intensity ◽  
Developed Economies ◽  
Opening Up

This paper studies income inequality and globalization by decomposing economic globalization into trade intensity and financial integration, and also by differentiating the effect of globalization across developed and developing countries. Using panel data on 26 developed countries and 52 developing countries for the 1990–2010 period when globalization was accelerated, this study finds that financial integration affects the income inequality differently from trade intensity and the effect is in contrast across two groups of countries. For example, an increase in trade intensity would widen income inequality in developed countries, but it would reduce the inequality in developing countries. And, a deepening of the financial integration would reduce the income inequality in developed countries but increase the inequality in developing countries. These results suggest that income inequality of developing countries would deteriorate with an imprudent dependence on foreign financing or a rapid opening up of their financial markets to foreign investors, or when faced with more barriers on free international trade.

Emerging Nutrition Gaps in a World of Affluence - Micronutrient Intake and Status Globally

2011 ◽  
Vol 81 (4) ◽  
pp. 238-239 ◽  
Author(s):  
Manfred Eggersdorfer ◽  
Paul Walter
Keyword(s):  
Developing Countries ◽  
Human Health ◽  
Old Age ◽  
Molecular Basis ◽  
Health Benefit ◽  
Developed Countries ◽  
Micronutrient Deficiencies ◽  
New Science ◽  
Health And Nutrition ◽  
Micronutrient Intake

Nutrition is important for human health in all stages of life - from conception to old age. Today we know much more about the molecular basis of nutrition. Most importantly, we have learnt that micronutrients, among other factors, interact with genes, and new science is increasingly providing more tools to clarify this interrelation between health and nutrition. Sufficient intake of vitamins is essential to achieve maximum health benefit. It is well established that in developing countries, millions of people still suffer from micronutrient deficiencies. However, it is far less recognized that we face micronutrient insufficiencies also in developed countries.

Vitamin D Deficiency in Patients with Acute Myocardial Infarction: An Italian Single-Center Study

2015 ◽  
Vol 85 (1-2) ◽  
pp. 23-30 ◽  
Author(s):  
Aneta Aleksova ◽  
Rita Belfiore ◽  
Cosimo Carriere ◽  
Salam Kassem ◽  
Salvatore La Carrubba ◽  
...  
Keyword(s):  
Myocardial Infarction ◽  
Acute Myocardial Infarction ◽  
Vitamin D ◽  
Vitamin D Deficiency ◽  
Primary Source ◽  
Sun Exposure ◽  
Female Gender ◽  
Developed Countries ◽  
Vitamin D Status ◽  
High Exposure

Abstract. Background: Hypovitaminosis D is a vitamin deficiency that has been increasing in developed countries; it was also suggested as an emerging risk factor for developing of atherosclerosis and acute myocardial infarction. The primary source of vitamin D is its cutaneous synthesis under exposure to sunlight. It has been suggested that 30 min of sun exposure twice weekly leads to sufficient vitamin D synthesis. The residents of Trieste (Italy) are well-known for their high exposure to sunlight in all seasons. We aimed to investigate the vitamin D status in subjects with acute myocardial infarction living in this area. Methods: Vitamin D status was identified in 478 subjects diagnosed with acute myocardial infarction. Results: The median serum 25-hydroxyvitamin D concentration was 14.5 [7.8 - 22.7] ng/mL. Vitamin D deficiency and insufficiency were present in 324 (68 %) and 107 (22 %) subjects, respectively. Vitamin D deficiency was less frequent among subjects enrolled in the period from July to the end of September (p < 0.001). In a multivariate analysis vitamin D deficiency was predicted by older age (p = 0.02), female gender (p = 0.002), higher body mass index (p = 0.05), autumn/winter sampling (p < 0.001), increased parathyroid hormone (p = 0.03) and alkaline phosphatase (p = 0.003). Conclusions: We observed very high prevalence of vitamin D deficiency among subjects with myocardial infarction in all seasons of enrollment. However, it was lower in the summer when sun exposure is higher. The exposure to sunlight may be a cost-saving therapeutic strategy for the management of vitamin D deficiency.

Quantification of Vitamin A in Fortified Rapeseed, Groundnut and Soya Oils Using a Simple Portable Device: Comparison to High Performance Liquid Chromatography

2013 ◽  
Vol 83 (2) ◽  
pp. 122-128 ◽  
Author(s):  
Cécile Renaud ◽  
Jacques Berger ◽  
Arnaud Laillou ◽  
Sylvie Avallone
Keyword(s):  
High Performance Liquid Chromatography ◽  
Liquid Chromatography ◽  
Vitamin A ◽  
High Performance ◽  
Vitamin A Deficiency ◽  
Developed Countries ◽  
Portable Device ◽  
Least Developed Countries ◽  
Control Food ◽  
Assay Precision

Vitamin A deficiency is still one of the major public health problems in least developed countries. Fortification of vegetable oils is a strategy implemented worldwide to prevent this deficiency. For a fortification program to be effective, regular monitoring is necessary to control food quality in the producing units. The reference methods for vitamin A quantification are expensive and time-consuming. A rapid method should be useful for regular assessment of vitamin A in the oil industry. A portable device was compared to high-performance liquid chromatography (HPLC) for three plant oils (rapeseed, groundnut, and soya). The device presented a good linearity from 3 to 30 mg retinol equivalents per kg (mg RE.kg- 1). Its limits of detection and quantification were 3 mg RE.kg- 1 for groundnut and rapeseed oils and 4 mg RE.kg- 1 for soya oil. The intra-assay precision ranged from 1.48 % to 3.98 %, considered satisfactory. Accuracy estimated by the root mean squares error ranged from 3.99 to 5.49 and revealed a lower precision than HPLC (0.4 to 2.25). Although it offers less precision than HPLC, the device estimates quickly the vitamin A content of the tested oils from 3 or 4 to 15 mg RE.kg- 1.

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