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    Does financial cooperation agreement improve the cointegration among ASEAN+3 money markets?

    Access Status
    Fulltext not available
    Authors
    Rahman, Saifur
    Shahari, F.
    Date
    2016
    Type
    Journal Article
    
    Metadata
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    Citation
    Rahman, S. and Shahari, F. 2016. Does financial cooperation agreement improve the cointegration among ASEAN+3 money markets? International Review of Applied Economics. 31 (1): pp. 108-125.
    Source Title
    International Review of Applied Economics
    DOI
    10.1080/02692171.2016.1221391
    ISSN
    1465-3486
    School
    CBS International
    URI
    http://hdl.handle.net/20.500.11937/49937
    Collection
    • Curtin Research Publications
    Abstract

    This paper aims to empirically examine the degree of cointegration among ASEAN+3 money markets in order to determine and adopt remedial actions pursuant to vulnerabilities in the region’s money markets that indicate an inability to prevent possible financial crises. In order to validate vulnerabilities, this paper investigates the degree to which money markets are integrated. Inter-bank lending rates are divided based on agreement periods as well as on income levels of regional economies. The VAR-based Cointegration test and the VECM have been applied in the investigation process. The findings are: (1) weak integration during the pre-agreement period; (2) substantial progress toward the post-agreement period; (3) both high- and low-income markets integrate in a cooperative way; and (4) the agreement produces an impact that is incomplete in so far as integrating the region’s money markets. The finding of this study offers implications for the regional makers.

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