Cross- Border Portfolio Investment and Financial Integration in Asia and the Pacific Region

Sayuri Shirai () and Eric Alexander Sugandi ()

Working Papers from eSocialSciences

Abstract: This paper examines the developments of cross-border portfolio assets and liabilities in the Asia and Pacific region over the periods of 2001–2017. Rapid increases in both portfolio foreign assets and liabilities have taken place particularly after the 2008–2009 global financial crisis. These cross-border portfolio investments have the following characteristics. First, equity has been a dominant source of foreign liabilities notwithstanding efforts to develop bond markets in the region. One exception is Australia, where foreign liabilities have been largely in the form of debt securities. Limited capital inflows to debt securities issued by emerging Asia may be attributable to the early stages of bond market development. Second, in contrast, debt securities have remained dominant as foreign assets held by the region.

Keywords: portfolio investment; financial market integration; Asia and the Pacific; financial integration; market; assets; liabilities; foreign assets; foreign liabilities; bond markets; debt securities; capital inflows; bond market development. (search for similar items in EconPapers)
Date: 2018-06
Note: Institutional Papers
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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