衡量越南與東亞市場金融整合

本研究應用Beale et al.(2004) 的方法，衡量越南與東亞市場的金融整合概況，但除了東亞國家之間的內在影響外，並將美國的貨幣市場及股票市場來當作為主要外在影響因素並加以考慮。最後根據標準化後的金融整合指標來比較越南與其他市場金融整合程度高低。結果顯示出越南與東亞市場完全金融整合還有一段距離。其中，貨幣市場的方面，韓國，泰國及台灣是與越南金融整合程度前三高的市場，在股票市場的方面，菲律賓，韓國，香港是與越南金融整合程度前三高的市場。

關鍵字

股票市場；東亞市場；金融整合；貨幣市場

並列摘要

This study uses the methodology of Beale et al. (2004) to measure the financial integration of Vietnamese and eastern Asian financial markets. Except for the internal factors that influence eastern Asian countries, this study also takes US monetary and stock markets into consideration as the external influential factors. At last, this study, based on the standardized integration indexes, compares the degree of integration of Vietnamese financial market with others’. The result of this study shows that there is still a huge gap in the full integration between Vietnamese and eastern Asian financial markets. For the monetary market, Korean, Thai and Taiwan are the first 3 highly integrated markets with Vietnamese monetary market. For the stock market, Philippines, Korean and Hong Kong are the first 3 highly integrated markets with Vietnamese stock market

並列關鍵字

Financial Integration ； East Asian Markets ； Stock Markets ； Money Markets.

參考文獻

Asian Development Bank, ADB (2005), Asia Bond Monitor, ADB, November.

Baharumshah, A. Z., C. T. Hawa and S. Fountas (2005), “A Panel Study on Real Interest Rate Parity in East Asian Countries: Pre- and Post-liberalizationEra,” Global Finance Journal, Vol. 16, 69-85.

Bekaert, G. and C. R. Harvey (1995), “Time-Varying World Market Integration,” Journal of Financial, Vol. 50, 403-444.

Bekeart, G. C. R. Harvey and C. Lundblad (2005), “Does Financial Liberalization Spur Growth?” Journal of Financial Economics, Vol. 77, 3-55

Eichengreen, B. and Y. C. Park (2004), “Why has there Been Less Financial Integration in Asia Than in Europe?” Monetary Authority of Singapore Staff Paper 28, Monetary Authority of Singapore.

國際替代計量

衡量越南與東亞市場金融整合

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