The Influence of Chinese and US Financial Markets on Asia-Pacific

11 Pages Posted: 19 Oct 2015

See all articles by Chang Shu

Chang Shu

Independent

Dong He

International Monetary Fund (IMF) - Monetary and Exchange Affairs Department

Honglin Wang

Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR)

Jinyue Dong

City University of Hong Kong (CityUHK)

Date Written: October 2015

Abstract

This paper presents some early results from ongoing research assessing the impact of China’s financial markets on those in other Asian-Pacific economies, and comparing it with that of the United States (Shu, He and Wang, forthcoming). Our analysis suggests that China’s influence on the regional stock and FX markets has grown over time, but its bond market is still isolated from those of the United States and Asia. US financial markets remain a strong driver, particularly during times of stress.

Full publication: Cross-Border Financial Linkages: Challenges for Monetary Policy and Financial Stability

Keywords: China’s impact, spillovers to Asian financial markets, US, structural VAR, sign restrictions

JEL Classification: F20

Suggested Citation

Shu, Chang and He, Dong and Wang, Honglin and Dong, Jinyue, The Influence of Chinese and US Financial Markets on Asia-Pacific (October 2015). BIS Paper No. 82i. Available at SSRN: https://ssrn.com/abstract=2668692

Chang Shu (Contact Author)

Independent ( email )

No Address Available

Dong He

International Monetary Fund (IMF) - Monetary and Exchange Affairs Department ( email )

700 19th Street NW
Washington, DC 20431
United States
(202) 623-4062 (Phone)
(202) 589-4062 (Fax)

Honglin Wang

Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR) ( email )

3 Garden Road, 8th Floor
Hong Kong
China

Jinyue Dong

City University of Hong Kong (CityUHK) ( email )

83 Tat Chee Avenue
Kowloon
Hong Kong

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