Discussion of Financial Integration at the Global Market Era
Abstract
This paper purpose is to discuss the latest troubling episode and remind the most critical event again at the world is the integration. First, the last attempt by the countries had been discussing and pronoun that the free market and its extensions are the most prominent phenomena around the world that market participants' perceptions are determined the equilibria prices freely. All the development into the markets witnesses that free market dynamics and the creation of the single global market is the most dominant factor to create a tremendous stimulus behind economic growth. This paper consequently supporting the view that financial integration is providing the necessary conditions to risk-sharing and capital flows to stimulus the economic growth with the expected level at global.
References
[2] Austin, J. 2016. What exactly is market integrity: an analysis of one of the core objectives of securities regulation, William & Mary Business Law Review, 8: 215.
[3] Bekaert, G., Harvey, C.R., Lundblad, C. 2005. Does financial liberalization spur growth? Journal of Financial Economics, 77(1): 3-55. DOI: doi.org/10.1016/j.jfineco.2004.05.007
[4] Bonfiglioli, A. 2008. Financial integration, productivity and capital accumulation. Journal of International Economics, 76(2): 337-355. 11. DOI: doi.org/10.1016/j.jinteco.2008.08.001
[5] Caprio, G., Honohan, P., Stiglitz, J.E. (Eds.). 2006. Financial Liberalization: How Far, How Fast? Cambridge University Press, ISBN: 978-0521803694.
[6] Coeurdacier, N., Rey, H., Winant, P. 2020. Financial integration and growth in a risky world. Journal of Monetary Economics, 112: 1-21. DOI: doi.org/10.1016/j.jmoneco.2019.01.022
[7] Colliard, J. E. 2020. Optimal supervisory architecture and financial integration in a banking union. Review of Finance, 24(1): 129-161. DOI: doi.org/10.1093/rof/rfz004
[8] Demirgüç-Kunt, A., Detragiache, E. 1999. Financial liberalization and financial fragility. The World Bank.
[9] Edison, H.J., Levine, R., Ricci, L., Sløk, T. 2002. International financial integration and economic growth. Journal of International Money and Finance, 21(6): 749-776. DOI: 10.1016/S0261-5606(02)00021-9
[10] Eichengreen, B., et al. 1998. Hedge funds and financial market dynamics. International Monetary Fund, WP No 166.
[11] Fama, E.F. 1991. Efficient market hypothesis. The Journal of Finance, 46: 383-417.
[12] Firano, Z., Filali, F. 2019. Competition and Financial Stability: A new Paradigm. Journal of Advanced Studies in Finance, Volume X, Summer, 12(20): 109-122. DOI: doi.org/10.14505//jasf.v10.2(20).04
[13] Kaminsky, G., Schmukler, S. 2002. Short-run pain, long-run gain: the effects of financial liberalization. The World Bank.
[14] Kose, M.A., Prasad, E.S., Terrones, M.E. 2003. Financial integration and macroeconomic volatility. IMF Staff papers, 50(1): 119-142.
[15] Krugman, P.R. 1994. Rethinking International Trade. MIT press.
[16] Lane, P.R., Milesi-Ferretti, G.M. 2003. International financial integration. IMF Staff Papers, 50(1): 82-113.
[17] Levine, R. 2001. International financial liberalization and economic growth. Review of International Economics, 9(4): 688-702. DOI: 10.1111/1467-9396.00307
[18] Lim, Cheng Hoon, et al. 2011. Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences, IMF Working Papers, 1: 85.
[19] Malkiel, B.G. 2011. The efficient-market hypothesis and the financial crisis. In Rethinking finance: Perspectives on the crisis (Proceedings of Conference). Russel Sage Foundation.
[20] Matei, I.V. 2020. European integration between non-EU countries and the EU. Member countries - Romania and the Southeast Region. Journal of Applied Economic Sciences, Volume XV, Spring, 1(67): 83-87.
[21] McCauley, J.L. 2000. The futility of utility: How market dynamics marginalise Adam Smith. Physica A: Statistical Mechanics and its Applications, 285(3-4): 506-538. DOI: doi.org/10.1016/S0378-4371(00)00296-X
[22] Rothschild, E. 1994. Adam Smith and the invisible hand. The American Economic Review, 84(2): 319-322.
[23] Scott, H.S. 2010. The reduction of systemic risk in the United States financial system. Harvard Journal of Law and Public Policy, 33: 671.
[24] Spatt, C.S. 2009. Regulatory conflict: Market integrity vs. Financial stability. University of Pittsburgh Law Review, Volume 71, Issue: 3. DOI: 10.5195/lawreview.2009.150
The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.