scholarly journals Global capital markets: An updated profile

2007 ◽  
Vol 54 (2) ◽  
pp. 197-217
Author(s):  
Miroslava Filipovic
Keyword(s):  
Supply Chain ◽  
Capital Markets ◽  
Capital Market ◽  
Capital Flows ◽  
Quantitative Review ◽  
Global Capital

More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market?s degree of integration follows. The emergence of new (types of) actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

Evaluation of Blockchain in Capital Market Use-Cases

2018 ◽  
Vol 10 (1) ◽  
pp. 54-76
Author(s):  
Sinsu Anna Mathew ◽  
Abdul Quadir Md
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Use Cases ◽  
Third Party ◽  
Global Capital ◽  
Distributed Ledger ◽  
The World ◽  
High Integrity ◽  
Middle Man ◽  
Financial Transactions

This article describes the “Blockchain” which is an upcoming technology in the current leading world and which serves as a capital market use-cases for many of the global Fintech industries across the world, is a distributed ledger of economic transactions which not only used for recording financial transactions but mostly everything of value in this world. In the current world, mostly all the transactions are done through online which mainly includes the bank as a “middle man,” which could be untrustworthy at times. Blockchain comes into the picture which eliminates the need of a middle man or third party between the users who are involved in the transactions. Represents a financial ledger entry of data structure which consists of record of transactions which is digitally signed and cannot be tampered as authenticity is ensured in which the ledger is considered to be of high integrity. One of the leading and highly valued platform of blockchain is “Hyperledger Fabric” which is meant for securing transactions and serves a powerful container technology for smart contract development in the global capital firms. The potential of Blockchain and DLT in capital markets in this upcoming world could remove many of the inefficiencies and costs inherent in the global capital markets across the world and could be considered as a viable technology which enable to settlement.

Financial markets as commensurating machines

2019 ◽  
Vol 58 (4) ◽  
pp. 539-565
Author(s):  
Barbara Kuchler
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Capital Market ◽  
Capital Flows ◽  
Financial System ◽  
Financial Assets ◽  
Financial Instruments ◽  
Black Scholes ◽  
Derivatives Markets

Ever since the crisis of 2008, the dynamism and self-referentiality of financial markets have puzzled observers. This article argues that this dynamism is the product of a long process of commensuration, by which ever more heterogeneous financial assets and financial instruments have come to be compared with, substituted for, and valuated relatively to one another, and have thereby been condensed into a highly interconnected financial system. This trajectory can be found both in the long-term historical emergence of financial markets from ancient origins and in the more recent transformations of the financial system since the 1970s, including (i) the rise of derivatives markets, and (ii) the rise of capital markets as against bank-intermediated capital flows. The rise of derivatives markets was triggered by the commensuration of basic securities (such as stock, bond) and derivatives (such as options, futures), established by the Black-Scholes-Merton theory of option pricing. The rise of capital markets was rooted in the commensuration – and hence, competition and substitution – of bank products (such as loans, deposits) and non-bank products (capital market securities).

Capital Market Efficiency and Arbitrage Efficacy

2016 ◽  
Vol 51 (2) ◽  
pp. 387-413 ◽  
Author(s):  
Ferhat Akbas ◽  
Will J. Armstrong ◽  
Sorin Sorescu ◽  
Avanidhar Subrahmanyam
Keyword(s):  
Market Efficiency ◽  
Capital Markets ◽  
Capital Market ◽  
Capital Flows ◽  
Equity Market ◽  
Market Anomalies ◽  
Cross Sectional ◽  
Subsequent Performance ◽  
The Future

AbstractEfficiency in the capital markets requires that capital flows are sufficient to arbitrage anomalies away. We examine the relation between flows to a quantitative (quant) strategy that is based on capital market anomalies and the subsequent performance of this strategy. When these flows are high, quant funds are able to implement arbitrage strategies more effectively, which in turn leads to lower profitability of market anomalies in the future, and vice versa. Thus, the degree of cross-sectional equity market efficiency varies across time with the availability of arbitrage capital.

scholarly journals TINGKAT INTEGRASI PASAR MODAL INDONESIA DENGAN PASAR MODAL GLOBAL

2018 ◽  
Vol 4 (2) ◽  
Author(s):  
Dedy Saputra
Keyword(s):  
Correlation Coefficient ◽  
Capital Markets ◽  
Capital Market ◽  
Composite Index ◽  
Stock Index ◽  
Analysis Tool ◽  
Global Capital ◽  
Market Index ◽  
Dow Jones Industrial Average ◽  
German Stock

This study aims to determine the level of capital market interation Indonesia (Jakarta Composite Index) with American capital markets (Dow Jones Industrial Average), England (FTSE 100 Index), German (Deutsche Borse AG German Stock Index), Hongkong (Hang Seng) and Japan (Nikkei 225). The result of this study expected to become an information for investment actors in deciding to invest at the stockmarket. These variables include the Indonesian capital market as the dependent variable and the global capital markets as an independent variable. Analysis tool is the correlation coefficient and t test. It is used to determine the significance of the correlation coefficient between independent variables and the dependent variable. Based on the calculation of the correlation coefficient is exemplified that the market index Indonesian capital market and the five major global capital markets has been integrated on various classification levels of relationships or different integration. The level of integration between Indonesian capital market and capital markets of America and Japan are very strong level of integration, the German stock market has stronglevel integration, and England and Hong Kong capital market has low level integration.

scholarly journals GLOBALISASI PASAR MODAL DUNIA DAN PENGARUHNYA TERHADAP PASAR MODAL INDONESIA

2017 ◽  
Vol 1 (1) ◽  
pp. 10
Author(s):  
R Adisetiawan
Keyword(s):  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
Stock Exchange ◽  
Global Market ◽  
Stock Market Index ◽  
Causality Test ◽  
Global Capital ◽  
Market Index ◽  
Cointegration Tests

This study aims to prove causality, cointegration and the influence of global capital markets with a market capital of Indonesia for the period 2001-2016 with a Granger causality test statistics, cointegration tests and Multiple Regression testing. These results prove that the 99% confidence interval occurred a long term relationship (cointegration) and the significant influence of global market indices with the Indonesia capital market index (CSPI) in Indonesia Stock Exchange (IDX) for the period 2001 to 2016, it indicates that Indonesia's economy has been integrated with global capital markets with varying levels of integration, but is causally there is only one country that has a causal relationship with the Indonesian stock market index (CSPI), the Taiwan stock market index (TWSE).Keywords: Capital Market Integration

INTEGRATION OF GLOBAL CAPITAL MARKETS: AN EMPIRICAL EXPLORATION

2004 ◽  
Vol 07 (04) ◽  
pp. 385-405 ◽  
Author(s):  
MALAY BHATTACHARYYA ◽  
ASHOK BANERJEE
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Cointegration Analysis ◽  
The Other ◽  
Causal Relationships ◽  
Global Capital ◽  
Fund Managers ◽  
Emerging Stock Markets ◽  
The Usa

It is generally argued that with lifting of barriers to the flow of capital across countries by respective governments, the capital markets have come closer and are now more integrated. This paper examines the existence (or absence) of integration among stock indices of 11 developed and emerging stock markets from three continents: Asia, Europe and America. Using synchronous weekly closing index values from November, 1990 through December, 2001, the study found that all the 11 stock markets are cointegrated. The cointegration analysis was carried out using an error correction vector autoregression (VECM) model. The study goes further to test whether there are any causal relationships among the indices and has used a hitherto empirically untested methodology to explore the causal relationships. Results show that capital market indices from European countries and the USA are not Granger caused by any index. On the other hand, causality effects are much pronounced in Asian capital markets. The capital market in Hong Kong "leads" the other markets in Asia. This learning would help fund managers in managing their exposure in Asian capital markets. The regulators may use the causality results to identify the markets driving movements in a country's capital market and take corrective measures.

Global Capital Markets in the Long Run: A Review of Maurice Obstfeld and Alan Taylor's Global Capital Markets

2007 ◽  
Vol 45 (2) ◽  
pp. 400-409 ◽  
Author(s):  
Jeffrey G Williamson
Keyword(s):  
World War Ii ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Capital ◽  
Real Economy ◽  
World War ◽  
Poor Countries ◽  
Global Capital ◽  
Long Run ◽  
Market Regimes

Written by Maurice Obstfeld and Alan Taylor, Global Capital Markets: Integration, Crisis, and Growth was a much-needed book that will be cited extensively by those with interests in the long run evolution of the world financial capital market. The book does not simply assess changes in the efficiency of global capital markets over the past 150 years, but rather adds significantly to debates about instability and crisis, asymmetry between rich and poor countries in the costs of going open, the Lucas Paradox, the connections between foreign exchange and financial capital market regimes, and much more. The book makes far better use of the comparative evidence generated by the three epochs since 1850—the first global century before 1914, the second global century after 1950, and the autarchy in between—than do competitors that focus solely on one regime, whether the gold standard, post–World War II Breton Woods, or the float since. In addition, while the financial literature rarely assesses in any useful empirical way the connection between financial markets and the real economy, this book makes that connection absolutely clear. Global Capital Markets is a stimulating book with a very wide and deep reach.

Capital Market Resources as the Financial Source of Real Sector

2007 ◽  
pp. 92-103
Author(s):  
A. Dvoretskaya
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Capital Markets ◽  
Capital Market ◽  
National Economy ◽  
Banking System ◽  
Real Sector ◽  
Financial Instruments ◽  
Corporate Sector ◽  
Global Capital

The article considers capital market as a uniform institutional segment of national economy which provides funds for real sector. Special attention is paid to resources of stock market - shared and debt financial instruments. The analysis of national and global capital markets contribution to financing the corporate sector is presented. The paper outlines real competition between banking system and stock market according to capital recipients’ standpoint. The interaction mechanisms between banking and stock market sectors for effective economic growth are described.

Evaluation of Blockchain in Capital Market Use-Cases

2018 ◽  
pp. 168-192 ◽  
Author(s):  
Sinsu Anna Mathew ◽  
Abdul Quadir Md
Keyword(s):  
Data Structure ◽  
Capital Markets ◽  
Capital Market ◽  
Use Cases ◽  
Third Party ◽  
Global Capital ◽  
The World ◽  
High Integrity ◽  
Middle Man ◽  
Financial Transactions

This article describes the “Blockchain” which is an upcoming technology in the current leading world and which serves as a capital market use-cases for many of the global Fintech industries across the world, is a distributed ledger of economic transactions which not only used for recording financial transactions but mostly everything of value in this world. In the current world, mostly all the transactions are done through online which mainly includes the bank as a “middle man,” which could be untrustworthy at times. Blockchain comes into the picture which eliminates the need of a middle man or third party between the users who are involved in the transactions. Represents a financial ledger entry of data structure which consists of record of transactions which is digitally signed and cannot be tampered as authenticity is ensured in which the ledger is considered to be of high integrity. One of the leading and highly valued platform of blockchain is “Hyperledger Fabric” which is meant for securing transactions and serves a powerful container technology for smart contract development in the global capital firms. The potential of Blockchain and DLT in capital markets in this upcoming world could remove many of the inefficiencies and costs inherent in the global capital markets across the world and could be considered as a viable technology which enable to settlement.

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