Δυναμικές αλληλεπιδράσεις μεταξύ χρηματιστηρίων

Abstract

This study is designed to assess the degree of interdependence among Japan and the share markets of four developed economies in the East Asian region, members of the newly industrialized countries’ group (NICs), i.e. Singapore, Hong Kong, South Korea and Taiwan, and four other countries forming the association of South East Asian nations group (ASEAN-4), i.e. Indonesia, Malaysia, Philippines and Thailand. The first group of nations, the NICs, is the most developed in this growing region of the world economy and of strategic significance to the further development of Asia. Apart from Japan, which is the world’s second largest economy, Singapore, Hong Kong, South Korea and Taiwan are enjoying per capita incomes comparable to nations such as Australia, which sit in the middle of the OECD rankings of per capita incomes. The second group of nations, the ASEAN-4, gradually liberalized its stock markets, giving foreign investors the opportunity to invest in domestic securities. Its advocates argue that international diversification helps investors to reduce the risk of an investment while holding the expected return constant.