美国、中国和“一带一路”沿线国家的金融互联互通充满活力

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-04-01 DOI:10.1016/j.ememar.2025.101286

Walter Bazán-Palomino, Diego Winkelried

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引用次数: 0

摘要

自“一带一路”倡议提出以来，美国、中国和新兴市场之间的金融联系发生了什么变化？利用2013年至2023年的盘中数据，我们研究了美国、中国以及该地区与“一带一路”国家股市的金融连通性。我们对连通性的时变测量表明，“一带一路”倡议没有显著改变中国与“一带一路”沿线国家之间的金融关系，也没有削弱这些国家与美国之间的金融联系。我们的净定向连通性分析发现，中东和非洲地区以及中亚和欧洲地区最容易受到美国和中国的冲击。政策制定者和投资者应该关注易受美国和中国金融冲击影响的时期和地区，因为这些冲击可能会增加网络连通性，从而加剧金融不稳定性，降低投资组合多样化的好处。

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Dynamic financial connectedness among the US, China, and countries of the Belt and Road Initiative

How have the financial linkages among the US, China, and emerging markets changed since the launch of the Belt and Road Initiative (BRI)? Using intraday data from 2013 to 2023, we study the financial connectedness of stock markets in the US, China, and the regions with BRI countries. Our time-varying measures of connectedness indicate that the BRI has not significantly changed the financial relationships between China and BRI countries nor has it diminished the financial connections between these countries and the US. Our net directional connectedness analysis finds that the Middle East and Africa region, and the Central Asia and Europe region are the most susceptible to shocks from the US and China. Policymakers and investors should be concerned about periods and regions susceptible to American and Chinese financial shocks, as these can increase network connectivity, thereby heightening financial instability and reducing the benefits of portfolio diversification.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.