China’s Financial Linkages with Asia and the Global Financial Crisis
نویسندگان
چکیده
This paper discusses recent steps China has taken to open its capital account and presents empirical evidence on asset market linkages between China and Asia. We find only weak crosscountry linkages in longer-term interest rates, but much stronger linkages in equity markets. Moreover, we find that the strength of the correlation of equity prices changes between China and other Asia countries increased markedly during the global financial crisis and has remained high in recent years.
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