Stock Market Liberalisations in the South Asian Region
AbstractThis study attempts to conduct an investigation of the characteristics of the South Asian stock markets including the effects of the opening of these markets. These markets were liberalised in early 1990s as a part of the economic reforms started in theSouth Asian region about two decadesago. Theanalysis is conducted for four countries in the South Asia, Bangladesh, India, Pakistan, and Sri Lanka, covering the period from 1980 to 2003. The analysis is done with the help of tables, regression analysis, Event Window analysis, and Error Correction Functions. The analysis indicates significant development in stock markets indicators such as market capitalisation and trading value in the region following liberalisation measures. However, the development in stock markets in South Asia does not seem to influence the real sector and the stock markets are still playing a minor role in their respective economies. The integration analysis suggests that the markets in South Asia are integrated with major markets, that is, of USA, UK, and Japan. There is clear evidence that the markets in India and Pakistan are affected by the major as well as the regional markets in the long run. In the short run, however, the markets appear to be independent of one another.
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Bibliographic InfoPaper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 22195.
Date of creation: Jan 2006
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More information through EDIRC
Stock Markets; South Asia; liberalisation; Pakistan; India; Sri Lanka; Bangladesh; Market Integration;
Other versions of this item:
- Husain, Fazal & Qayyum, Abdul, 2006. "Stock Market Liberalisations in the South Asian Region," MPRA Paper 1716, University Library of Munich, Germany.
- Fazal Husain & Abdul Qayyum, 2006. "Stock Market Liberalisations in the South Asian Region," PIDE-Working Papers 2006:6, Pakistan Institute of Development Economics.
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- F01 - International Economics - - General - - - Global Outlook
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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