خلاصه ماشینی:
"Financial market integration is a central theme in international finance and the benefits of economic growth via risk sharing, improvements in allocational efficiency and reductions in macroeconomic volatility and transaction costs are all well accepted (Prasad et al.
However, Exchange rate uncertainty can have a negative effect on financial integration because exchange rate risk is an important source of risk priced on capital markets (Dumas and Solnik 1995 & Hardouvelis et al.
5- Empirical Results Our use of probit/tobit models allows us to focus on the exploration of the explanatory variables effects on financial integration in the East-Asia Pacific region.
As the introduction of the common currency means the elimination of exchange rate risk within the East Asia-Pacific region, it will further reduce the remaining differences of investment and consumption opportunities across the member countries of the East Asia-Pacific being important for financial integration.
2. Table 2: Panel probit/tobit results for the estimated East Asia-Pacific financial integration model (Case II)* Random-effects probit regression Number of obs = 16 Number of groups = 11 VARIABLE Coefficient Z statistic P>|z| LGDP(-1) .
2. Table 2: Panel probit/tobit results for the estimated East Asia-Pacific financial integration model (Case II)* Random-effects probit regression Number of obs = 16 Number of groups = 11 VARIABLE Coefficient Z statistic P>|z| LGDP(-1) .
2. Table 3: Panel probit/tobit results for the estimated East Asia-Pacific financial integration model (Case III) * Random-effects probit regression Number of obs =168 Number of groups= 11 VARIABLE Coefficient Z statistic P>|z| LGDP(-1) ."