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Monetary and Financial Market Integration in East Asia
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Monetary and Financial Market Integration in East Asia

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: closed (31 July 2021) | Viewed by 6456

Special Issue Editors

Prof. Dr. Zhaoyong Zhang

E-Mail Website
Guest Editor
School of Business and Law, Edith Cowan Univesity, Joondalup, WA 6027, Australia
Interests: applied financial economics; financial markets and integration in East Asia and China; time series analysis; forecasting; East Asia monetary and economic integration; international business finance; foreign exchange market and policy; risk management
Special Issues, Collections and Topics in MDPI journals
Dr. Deepa Bannigidadmath

E-Mail Website
Guest Editor
School of Business & Law, Edith Cowan Univesity, Joondalup, WA 6027, Australia
Interests: asset pricing; forecasting; applied financial econometrics; time series analysis; financial market inetgration; commodity markets
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

In the absence of a formal institutional framework, East Asia has evolved to be one of the most integrated areas in the world over the past several decades, both economically and financially. China’s astonishingly rapid rise is believed to reshape the international financial system and drive greater regional financial and economic integration in East Asia. This Special Issue aims to bring together a collection of articles that address issues concerning the monetary and financial market integration in East Asia and the rise of China. We hope that this collection of papers will add to the existing literature, both at the theoretical and empirical level, and advance the understanding of the process of East Asian monetary and financial market integration and the consequences.

Prof. Dr. Zhaoyong Zhang
Dr. Deepa Bannigidadmath
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Finance market and financial market integration
  • RMB internationalization
  • International financial integration
  • International asset pricing
  • International market co-movements, contagion, and crisis
  • Banking and financial services in integrated markets
  • Corporate finance and market efficiency
  • Foreign exchange risk and hedging
  • Foreign exchange rates arrangement and monetary integration
  • Regionalization and globalization in international finance
  • Recent developments in international financial markets
  • Financial liberalization and the finance–growth nexus
  • Volatility determination and transmission
  • Nexus between international financial integration and global imbalances

Published Papers (2 papers)

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Research

15 pages, 407 KiB  
Article
Stock Split Rule Changes and Stock Liquidity: Evidence from Bursa Malaysia
by S. Amir Tabibian, Zhaoyong Zhang and Abdollah Ah Mand
J. Risk Financial Manag. 2021, 14(9), 406; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14090406 - 28 Aug 2021
Viewed by 2259
Abstract
We test the impact of stock split rule changes on liquidity behavior in Bursa Malaysia during 2004–2020. Using event study methodology, this study examines stock liquidity on and around stock split days through three subperiods of study, including the first (2004–2006), second (2007–2009), [...] Read more.
We test the impact of stock split rule changes on liquidity behavior in Bursa Malaysia during 2004–2020. Using event study methodology, this study examines stock liquidity on and around stock split days through three subperiods of study, including the first (2004–2006), second (2007–2009), and third (2010–2020) period. We find that liquidity improvement is short-lived in the first and second periods, while it is a long-lived phenomenon in the third period. Firms in the first and second period experienced liquidity improvement only on the split announcement day, while it lasts up to a year after the Ex-date for firms in the third period. Our findings also show a liquidity improvement after the Ex-date only in the third period for the groups of firms categorized based on the liquidity, split factor, and other simultaneous announcements. The findings suggest a positive effect of stock split rule changes implemented by the Securities Commission. Full article
(This article belongs to the Special Issue Monetary and Financial Market Integration in East Asia)
15 pages, 1225 KiB  
Article
Short-Term Capital Flows, Exchange Rate Expectation and Currency Internationalization: Evidence from China
by Mingming Li, Fengming Qin and Zhaoyong Zhang
J. Risk Financial Manag. 2021, 14(5), 223; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14050223 - 17 May 2021
Cited by 7 | Viewed by 3621
Abstract
This paper intended to employ a portfolio approach to assess the effect of exchange rate expectation on Chinese RMB internationalization and empirically test the interactive effects among short-term capital flows, RMB appreciation expectation and the internationalization process using a VAR model with monthly [...] Read more.
This paper intended to employ a portfolio approach to assess the effect of exchange rate expectation on Chinese RMB internationalization and empirically test the interactive effects among short-term capital flows, RMB appreciation expectation and the internationalization process using a VAR model with monthly data ranging from February 2004 to December 2020. The results suggest that RMB exchange rate appreciation could lead to an increase in the foreign demand for RMB and RMB denominated assets, while RMB internationalization would attract more short-term capital inflow due to the reduced transaction costs. The empirical evidence from the VAR model estimation confirms the finding that expected RMB appreciation induces short-term capital inflow and promotes RMB internationalization. The robustness checks confirm the evidence. The results have important policy implication for RMB internationalization and for maintaining a sound and stable financial system. Full article
(This article belongs to the Special Issue Monetary and Financial Market Integration in East Asia)
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