Measuring the degree of financial integration of bond markets: A study on the ASEAN-5 and selected developed countries from 2003-2011

Date of Publication

2012

Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Commerce Major in Management of Financial Institutions

Subject Categories

Finance and Financial Management

College

Ramon V. Del Rosario College of Business

Department/Unit

Financial Management

Thesis Adviser

Clive Manuel O. Wee Sit

Defense Panel Chair

Neriza M. Delfino

Defense Panel Member

Ruben Carlo Asuncion

Abstract/Summary

The degree of financial market integration increased significantly since the mid-1980s fueled by the recent waves of financial globalization, rise in capital flows, and technological advances. In the process, developing countries encourage capital openness through financial liberalization, larger cross-border capital flows, among others, with the belief that it promotes higher growth. In this paper, the researchers investigate the degree of financial market integration in ASEAN-5 and selected developed countries by examining amongst their bond markets through employing econometric techniques of correlation, cointegration, and causality. The study intends to answer the following questions: (1) What is the state of the bond market integration in the ASEAN and developed markets such as the United Sates, Germany, and the United Kingdom? (2) What effects did the 2008 global financial crisis have to the integration? This study has a strong implication to the international diversification, policy makers, academe, and future researchers. The researchers found that there is a low degree of integration among the countries. Furthermore, the global financial crisis has a short-term effect to the degree of bond market integration.

Abstract Format

html

Language

English

Format

Print

Accession Number

TU21834

Shelf Location

Archives, The Learning Commons, 12F, Henry Sy Sr. Hall

Physical Description

243 leaves : illustrations

Keywords

Bond market; Financial institutions--Management

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