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The changing network of financial market linkages: the Asian experience

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Chowdhury, B ORCID: 0000-0001-7660-7659, Dungey, M ORCID: 0000-0003-0074-2314, Kangogo, M, Sayeed, MA ORCID: 0000-0002-1878-358X and Volkov, V ORCID: 0000-0001-9721-9700 2018 , The changing network of financial market linkages: the Asian experience.

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Abstract

We investigate the changing integration of Asian financial markets within the global financial
network from 1995–2016, incorporating the direction of links between markets, the significance
of these links, and their strength. Emphasis is placed on the transition of the networks before and
after the Asian financial crisis of 1997–1998 and the global financial crisis of 2008–2009. The
analysis demonstrates the increase in interconnectedness during periods of stress and the fall in the
number of links in post-crisis periods. At the same time, the results reveal a general deepening of
the connections of the Asian market with the rest of the world over the past two decades. They
also suggest that many of these markets have transitioned from being primarily linked to the global
markets via key bridge markets (such as Hong Kong) and over time developing stronger direct
links with external markets. These findings highlight the potential importance of key geographical
nodes in allowing emerging markets access to the international financial network.

Item Type: Report (Discussion Paper)
Authors/Creators:Chowdhury, B and Dungey, M and Kangogo, M and Sayeed, MA and Volkov, V
Keywords: network, financial crises, Asian markets
Publisher: University of Tasmania
Copyright Information:

Copyright 2018 University of Tasmania

Additional Information:

JEL Classification numbers: G01, G15, G10

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