Currency regimes and the process of regional financial integration of the emerging countries

Daniel Goyeau (), Jacques Léonard and Dominique Pépin ()
Additional contact information
Daniel Goyeau: CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers
Jacques Léonard: CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers

Post-Print from HAL

Abstract: The topology of emerging financial markets can be established either according to the usual criterion of geographical proximity, or according to a criterion of proximity of currency regimes. By explicitely considering the differences in currency regimes, and more specifically the differences in exchange rate regimes, the aim of this chapter is to analyse, firstly in analytical terms, the influence of proximity of currency regimes relative to that of geographical proximity in the process of integration which are operational on emerging markets. As for empirical evidence, we endeavour to identify these relations, like their evolutions since the beginning of the 1990s, and this for a sample of 22 countries distributed out of four emerging geographical regions (Asia, Latin America, CEECs, the Middle East). We show there is no particular evolution of the rate of integration, in terms of monetary proximity as well as in terms of geographical proximity. In addition, we show that the monetary influence dominates very largely the geographical one in the determination of the return for risk granted by the various national markets.

Keywords: emerging markets; monetary regimes; currency regimes; geographical proximity; integration (search for similar items in EconPapers)
Date: 2005
References: Add references at CitEc
Citations:

Published in Patrick Artus, André Cartapanis and Florence Legros. Regional currency areas in financial globalization, Edward Elgar, pp.41-64, 2005

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Chapter: Currency Regimes and Process of Regional Financial Integration of the Emerging Countries (2005)
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:hal:journl:hal-00986580

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().