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Capital Market Integration

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  • Masafumi Yabara
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    Abstract

    Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in developing domestic capital markets through a regional approach, removing constraints on capital transactions and harmonizing market infrastructure. Nevertheless, empirical analysis suggests capital market integration has not deepened during the past few years in the EAC, although convergence of investment returns is taking place to some extent. Learning from the experience of the West African Economic and Monetary Union and the Association of Southeast Asian Nations, EAC countries would benefit from four actions to accelerate financial market integration: (i) further harmonize market infrastructure; (ii) strengthen regional surveillance mechanisms; (iii) encourage local currency bond issuance by multilateral financial institutions; and (iv) build the capacity of the existing regional institutions.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/18.

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    Length: 31
    Date of creation: 01 Jan 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/18

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    Keywords: Capital account liberalization; Stock markets; capital markets; capital market; bond; stock market; stock exchange; bonds; capital market integration; stock exchanges; bond markets; stock market integration; financial markets; capital transactions; government securities; bond issuance; financial institutions; corporate bonds; domestic capital markets; domestic capital; debt securities; t-bond; portfolio investment; financial sector; stock indices; local currency bond; bond market; bond yields; bond issues; financial market; stock returns; local capital markets; movement of capital; treasury bonds; treasury bond; free movement of capital; equity markets; corporate bond; securities exchange; capital mobility; government bond markets; government bond yields; government bond; international capital flows; domestic bond market; foreign securities; regional bond markets; purchase of securities; international financial markets; international capital; cross-border financial flows; asian bond markets; stock market development; capital controls; capital market infrastructure; local stock exchanges; bond transaction; securities exchanges; capital flows; corporate bond markets; corporate bond market; stock bond; local currency bond markets; stock price; forward contracts; liquid bond markets; capital market development; domestic bond; external capital flows; local currency bond issue; stock index; forward markets; global stock markets; developing government bond; bond market development; capital accounts; clearinghouse; sovereign bonds; financial intermediation; current account deficits; short-term funds; illiquid capital markets; capital markets development; securities markets; developing government bond markets; issue of securities; bond fund; international finance; asian bond market; bond maturity; hedge; exogenous shocks; development of corporate bond markets; corporate loans; external capital; stock prices; securities market; credit rating; international finance corporation; bond issue;

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    1. Raphael A. Espinoza & Oral Williams & Ananthakrishnan Prasad, 2010. "Regional Financial Integration in the GCC," IMF Working Papers 10/90, International Monetary Fund.
    2. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
    3. Serletis, Apostolos & King, Martin, 1997. "Common Stochastic Trends and Convergence of European Union Stock Markets," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(1), pages 44-57, January.
    4. Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Doesn't Asia Have Bigger Bond Markets?," NBER Working Papers 10576, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Essers, Dennis & Cassimon, Danny, 2012. "Washing away original sin: vulnerability to crisis and the role of local currency bonds in Sub-Saharan Africa," IOB Working Papers 2012.12, Universiteit Antwerpen, Institute of Development Policy and Management (IOB).

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