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The changing network of financial market linkages: the Asian experience

Chowdhury, B, Dungey, M ORCID: 0000-0003-0074-2314, Kangogo, M, Sayeed, MA and Volkov, V ORCID: 0000-0001-9721-9700 2019 , 'The changing network of financial market linkages: the Asian experience' , International Review of Financial Analysis, vol. 64, no. July 2 , pp. 71-92 , doi: 10.1016/j.irfa.2019.05.003.

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Abstract

We investigate the changing integration of Asian financial markets within the global financial network from 1995 to 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 results reveal a general deepening of the connections of the Asian market with the rest of the world over the past two decades. The analysis demonstrates the increase in interconnectedness during periods of stress and the fall in the number of links in post-crisis periods. Moreover, 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 developed 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: Article
Authors/Creators:Chowdhury, B and Dungey, M and Kangogo, M and Sayeed, MA and Volkov, V
Keywords: network, financial crises, Asian markets
Journal or Publication Title: International Review of Financial Analysis
Publisher: Elsevier
ISSN: 1057-5219
DOI / ID Number: 10.1016/j.irfa.2019.05.003
Copyright Information:

© 2019 Elsevier Inc. All rights reserved.

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