Federal Reserve Bank of St. Prices have been comparatively stable for two or three years, production has increased 20 or 25 per cent, bank debits 15 or 20 per cent, and employment 8 or 10 per cent. Interest and discount rates, as a rule, have been reduced more than half. Bank deposits have increased six or eight billion dollars from the low point ofor over 20 per cent.
Gagan Deep Sharma The current issue and full text archive of this journal is available at www. Bodla Kurukshetra University, Kurukshetra, India Abstract Purpose — Internationalization of capital markets gives opportunities to investors to invest their money in the country of their choice, not just in their own country.
The relationships between international stock markets have become increasingly important in 225187 essay times.
The purpose of this paper is to study the inter-linkages between stock markets of India, Pakistan and Sri Lanka. Daily closing levels of the benchmark indices in the three countries are taken for a period of January June Even the studies that have focused on the developing and under-developed nations have studied the linkages of those with the developed nations.
Little research has been conducted about the inter-linkages between the nations from Asia.
Even fewer studies have focused on stock exchanges in the South-Asian region. This research paper focuses on the return from the benchmark stock exchanges from these three countries and also on the linkages between India, Pakistan and Sri Lanka.
Introduction to the study In recent years, portfolio investments by individual and institutional investors in international stocks, bonds and other financial securities have grown at a phenomenal pace. Liberalization of financial markets by developing countries such as Brazil, India, Korea and Mexico has further contributed to the growth of global stock markets.
Investment in foreign equity markets became popular practice in the s as investors became aware of international portfolio diversification. However, during the s, cross border equity investment was largely confined to the equity markets of Asia-Pacific Journal of Business developed countries.
Only in the s, global investors began to invest sizeable Administration amounts in the emerging equity markets, as the economic growth potential of the Vol.
Investors can reduce risk by holding securities that are less than perfectly correlated.
In fact, the less correlated the securities in the portfolio, the lower the Stock markets portfolio risk.
Securities returns are much less correlated across countries than within a of South Asia country. Intuitively, this is so because economic, political and institutional factors affecting securities returns tend to vary a great deal across countries.
This results in a relatively low correlation among international securities. Eun and Shim in their study show that intra-country correlation is higher than the average inter-country correlation of the USA with Germany, Japan and UK. With the help of such information, investors in one country have access to the capital markets in the other countries leading to internationalization of capital markets.
Internationalization of capital markets gives opportunities to the investors to invest their money in the country of their choice, not just in their own country.
|ADDITIONAL MEDIA||Prices began to fall early in the summer, and later in that year unemployment began to be serious, a situation which became more grave in and continued into and If these commodities are consumers, goods—i.|
The relationships between international stock markets have become increasingly important since Grubel analyzes the benefits of international diversification.
Owing to speedy information flow across the global financial markets, the chances of international portfolio construction are likely to decline as the markets are turning more integrated now as compared to the period before Studies have been conducted in large numbers to test the linkages and integration between stock exchanges of the developed nations, namely the USA, Canada, Europe and Japan Kasa, ; Richards, ; Choudhry, ; Kanas, a; Hamori and Imamura, ; Ahlgren and Antell, Even the studies that have focused on the developing and under-developed nations, have studied the linkages of those with the developed nations.
Even lesser number of studies have focused on stock exchanges in the South-Asian region. This research paper focuses on the return from the benchmark stock exchanges from these three countries as also on the linkages among the three.
The paper is organized as follows. Section 1 introduces the study; Section 2 outlines the objectives of the study; Section 3 reviews the literature; Section 4 describes the research methodology; Section 5 summarizes the findings of the study with respect to the return from stock markets under study, and the linkages between those; and the Section 6 concludes.Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online.
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