Assessing Financial Market Integration in Vietnam: A Price – Based Approach

Anh, Tran Thi Xuan; Hang, Ngo Thi Thu; Anh, Nguyen Thi Lam

doi:10.36941/ajis-2020-0066

Cited by 3 publications

(5 citation statements)

References 27 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Finance freedom has accompanied trade and investment integration. Anh et al (2020) demonstrate considerably strong signs of progressing regional and global stock market integration during the period 2009-2018. Vietnam's score for financial freedom experienced a gradual increase from 30 between 1995and 2015, to 40 between 2016, and further to 50 points between 2020(Heritage Foundation, 2023.…”

Section: Economic Liberalizationmentioning

confidence: 99%

Challenges in Searching for Vietnam's Growth Drivers Through 2030

Van Can,

Dang

2024

Asian Economic Policy Review

View full text Add to dashboard Cite

Vietnam's long‐term economic growth comparisons with ASEAN nations have been striking since its 1986's economic reforms. Such key factors as economic liberalization, a young population and low‐cost labor, knowledge diffusion, and the manufacturing sector have driven Vietnam's growth. Until 2023, Vietnam has the potential to capitalize on several favorable circumstances, including the diversion of trade and investment from China, the growth of the middle class, and the global digital transformation. Nevertheless, Vietnam's economic growth will confront various obstacles and a declining trajectory that predates the COVID pandemic. To circumvent the risk of falling into the middle‐income trap, this paper proposes “active” economic integration, labor productivity, innovation and research and development, the services sector, and green growth as new growth drivers for Vietnam till 2030. Considering the many policy ideas put forth by the Vietnamese government and the World Bank, this paper presents several distinct recommendations on institution reform and human capital accumulation.

show abstract

Section: Economic Liberalizationmentioning

confidence: 99%

Challenges in Searching for Vietnam's Growth Drivers Through 2030

Van Can,

Dang

2024

Asian Economic Policy Review

View full text Add to dashboard Cite

show abstract

“…On the other hand, several studies about ASEAN-5, East Asia and other countries had been done. [4] stated that Vietnam, compared to other countries in research, holds lower regional and international integration levels in both the bond market and the stock market, but demonstrates considerably strong signs of progressing regional and global stock market integration over the period. On the other hand, [15] found that there is cointegration among stock markets while Japan and Singapore appear to provide regional leadership, as they both exert the most significant influence on the other Asian financial markets.…”

Section: Literature Reviewmentioning

confidence: 99%

“…This research considers East and Southeast Asia into two different blocks for the first step, following [5]. We use Japan's stock market index as a benchmark for the region of Asia and East Asia following the study of [5], [4], [5], [15], [16] and use Indonesia as benchmark for the region of Southeast Asia following [5]. We also use East's market and Southeast Asia's market as individual entity to find the short-run causal linkage.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Financial integration can improve the efficiency of capital allocation as well as help diversify risks. Financial integration is also recommended to promote economic growth and guide consumption [4]. Financial integration can be achieved through the emergence of formal agreements, such as joining regional integration agreements [1].…”

Section: Introductionmentioning

confidence: 99%

“…Empirical evidence on the degree of financial integration among ASEAN+3 countries is limited and inconclusive. Previous studies focused on the integration level among only ASEAN 5 [11]- [13], ASEAN 5 plus 3 countries [14] ASEAN 5 plus three and other stock markets around the world [4], [15]- [18]. The study about integrating ASEAN+3 stock market has been done by [5] without adding Shenzhen Stock Exchange.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Does the East and Southeast Asian Equity Market have Integration? A Study of Cointegration Analysis

Prasetya¹

2022

ijcsrr

View full text Add to dashboard Cite

Financial integration can improve the efficiency of capital allocation as well as help diversify risks. This study aims to find and analyze four cases. First, to find and analyze the long-term cointegration between East and Southeast Asian. Second, to find and analyze the short-term causal relationship between East and Southeast Asian equity market. Third, to find the most influential equity market from East Asian toward their Southeast Asian and the most influential equity market from Southeast Asian toward their East Asian. Last, to find the forecast structural analysis for five days horizon period of each country’s price, both East and Southeast Asia. This study uses Johansen’s cointegration method to test long-run relationships between East and Southeast Asian equity markets, Granger-causality, forecast variance decomposition method and forecast with VECM. This study uses daily indices prices collected from Refinitive covered from January 2002 to December 2019. Johansen’s test emphasize that there is a cointegration relationship between East Asian and Southeast Asian stock markets, but the integration process is incomplete. The cointegration vector also emphasize that ASEAN+3 members react differently to external shocks. This study found that the Japan Granger-cause will lead to all stock markets in Southeast Asia, while Singapore and Philippine Granger-cause will lead to all stock markets in East Asia. These results show that Japan is the market with the most connections in Southeast Asia, while Singapore and Philippine are the markets with the most connections in East Asia. Another point of this paper is to emphasize that Japan is the most influential stock market in East Asia, while Singapore is the most influential stock market in Southeast Asia. This study shows that policymakers in East and Southeast Asian countries should synchronize capital market standards, regulations and reduce barriers to capital flow to stimulate the integration of regional stock markets.

show abstract

Dependencia del Índice de Bonos de Mercados Emergentes en Sudeste Asiático

Ríos

Pacheco

Santillán‐Salgado

2022

View full text Add to dashboard Cite

El objetivo es analizar relaciones de dependencia dinámica en el riesgo-país del sudeste asiático, reconociendo un comportamiento no-lineal, con dependencia asintótica y valores extremos. El método de investigación emplea el enfoque de cópulas para estudiar los índices de bonos de mercados emergentes (EMBI, por sus siglas en inglés emerging market bond index) de China, Filipinas, Indonesia, Malasia, Sri-Lanka y Vietnam entre febrero-2013 y marzo-2020. Los resultados empíricos confirman cambios variantes en las estructuras de dependencia cuya dinámica se estima mediante ventanas rodantes de 252 días. Los hallazgos permiten identificar los momentos de cambio de tales relaciones, así como reafirmar la supremacía regional del mercado chino. La originalidad del estudio, al contemplar elementos característicos de series financieras en mercados emergentes, reside en que puede servir en la elaboración de portafolios diversificados. El carácter subregional de la muestra utilizada limita la validez externa de las conclusiones

show abstract

Assessing Financial Market Integration in Vietnam: A Price – Based Approach

Cited by 3 publications

References 27 publications

Challenges in Searching for Vietnam's Growth Drivers Through 2030

Challenges in Searching for Vietnam's Growth Drivers Through 2030

Does the East and Southeast Asian Equity Market have Integration? A Study of Cointegration Analysis

Dependencia del Índice de Bonos de Mercados Emergentes en Sudeste Asiático

Contact Info

Product

Resources

About