Nonlinear effects of financial openness on financial development in ASEAN

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2024-03-30 DOI:10.1016/j.mulfin.2024.100846

Hyun-Jung Nam , Jeongseok Bang , Doojin Ryu

引用次数: 0

Abstract

This study examines the nonlinear effects of financial openness on financial development in the representative ASEAN member states: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. It reveals that with a low (high) level of financial openness, the assets and liabilities of foreign direct investment increase (decrease) equity market capitalization and the financial development, institution, and market indices. We identify a threshold of financial openness where its positive impact begins to diminish; beyond this point, excessive financial openness may become detrimental to financial development. By reassessing the risks associated with financial openness after the Asian financial crisis, we can understand that the potential toxicity amplified by financial openness may pose threats to financial development.

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金融开放对东盟金融发展的非线性影响

本研究探讨了金融开放对东盟代表性成员国金融发展的非线性影响：印度尼西亚、马来西亚、菲律宾、新加坡和泰国。研究表明，在金融开放度较低（较高）的情况下，外国直接投资的资产和负债会增加（减少）股票市值以及金融发展、机构和市场指数。我们确定了金融开放的临界点，在这个临界点上，金融开放的积极影响开始减弱；超过这个临界点，过度的金融开放可能会不利于金融发展。通过在亚洲金融危机后重新评估与金融开放相关的风险，我们可以理解金融开放所放大的潜在毒性可能会对金融发展构成威胁。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.