Regional pull vs global push factors: China and US influence on Asian financial markets

Chang Shu, Dong He, Jinyue Dong and Honglin Wang

Journal of International Money and Finance, 2018, vol. 87, issue C, 112-132

Abstract: This paper compares spillovers from the US and Chinese financial markets to markets in Asia and the Pacific. Structural VAR analysis points to the important influence of Chinese equities and currency movements. In normal times China’s influence in the equity market has risen to a level close to that of the United States, although the relative impact of the United States became stronger in crisis periods. Nonetheless, China’s bond market remains a negligible player. China's role may be interpreted as a “regional pull” factor, while that of the United States remains a key “global push” factor.

Keywords: China’s spillovers; Asia financial markets; US spillovers; Structural VAR; Sign restrictions (search for similar items in EconPapers)
JEL-codes: F30 G15 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0261560618302250
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:87:y:2018:i:c:p:112-132

DOI: 10.1016/j.jimonfin.2018.04.004

Access Statistics for this article

Journal of International Money and Finance is currently edited by J. R. Lothian

More articles in Journal of International Money and Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().