TY - BOOK ID - 84540928 TI - Capital Market Integration in the Pacific Basin Region : An Analysis of Real Interest Rate Linkages PY - 1995 SN - 1462382185 1455283843 1282108255 9786613801609 1455219150 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Exports and Imports KW - International Investment KW - Long-term Capital Movements KW - Foreign Exchange KW - Current Account Adjustment KW - Short-term Capital Movements KW - Financial Aspects of Economic Integration KW - Interest Rates: Determination, Term Structure, and Effects KW - Finance KW - International economics KW - Real interest rates KW - Capital market integration KW - Interest rate parity KW - Market interest rates KW - Capital controls KW - Financial services KW - Economic integration KW - Balance of payments KW - Interest rates KW - International economic integration KW - Capital movements KW - Taiwan Province of China UR - https://www.unicat.be/uniCat?func=search&query=sysid:84540928 AB - This paper investigates the extent to which financial markets in the Pacific Basin Region have become more integrated, by analyzing the comovements of real interest rates. The paper uses cointegration and error correction models and draws inferences on the degree of capital market integration by looking at the speed of adjustment of real interest rates following a shock. The results show that there has been an increase in capital market integration with both U.S. and Japan during the 1980s. Japan has not, however, overtaken U.S. in dominating the financial markets of these countries, except possibly in the case of Malaysia. Capital market integration is found to be greater in Singapore, Hong Kong and Taiwan Province of China. On the other hand, Japan is the least integrated country with the United States. ER -