Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development. The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the right pace and in a pragmatic way, could improve the liquidity, efficiency, and competitiveness of these exchanges. Further progress in developing national financial markets must precede any actual moves to integrate securities markets. These exchanges could meanwhile benefit from closer cooperation, including by encouraging more crossborder listings and information/technology sharing.

Electronic books. -- local. --- Stock exchanges -- Africa, Eastern. --- Stock exchanges -- Africa, Southern. --- Exports and Imports --- Finance: General --- General Financial Markets: General (includes Measurement and Data) --- Financial Aspects of Economic Integration --- Finance --- International economics --- Stock markets --- Capital markets --- Securities markets --- Regional integration --- Capital market integration --- Stock exchanges --- Capital market --- International economic integration --- South Africa

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

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.

Banks and Banking --- Exports and Imports --- International Investment --- Long-term Capital Movements --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Financial Aspects of Economic Integration --- Interest Rates: Determination, Term Structure, and Effects --- Finance --- International economics --- Real interest rates --- Capital market integration --- Interest rate parity --- Market interest rates --- Capital controls --- Financial services --- Economic integration --- Balance of payments --- Interest rates --- International economic integration --- Capital movements --- Taiwan Province of China

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.

Monetary unions --- Capital market --- International economic integration. --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- International economic relations --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Econometric models. --- Africa, Eastern --- Eastern Africa --- Economic integration. --- Exports and Imports --- Finance: General --- Investments: General --- Financial Aspects of Economic Integration --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Economic History: Financial Markets and Institutions: Africa --- Oceania --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- International economics --- Stock markets --- Securities markets --- Treasury bills and bonds --- Capital market integration --- Financial markets --- Economic integration --- Stock exchanges --- Government securities --- International economic integration --- Kenya