Pub Date : 1900-01-01DOI: 10.1111/J.1467‐8454.2007.00317.X
G. Tian
This paper investigates the cointegrating and long-term causal relationships between the Shanghai A and B-share market, and between these two markets and the Hong Kong, the Taiwanese, the Japanese and the US market of two sub periods between July 1993 and March 2007. On the basis of a new Granger non-causality test procedure developed by Toda-Yamamoto (1995) and Johansen’s (1988) cointegration test, my results suggest that a long-term equilibrium relationship measured by cointegration has been merged between the Chinese A-share market and the other markets in greater China region as well as the US market during the post-crisis period which covers the period since Chinese A-share market was opened to the Qualified Foreign Institutional Investors (QFII) in 2002. I also found that the Shanghai A-share market uni-directionally Granger-causes the other regional markets after the Asian financial crisis, while the A-share market and Hong Kong H-share market have had a significant feedback relationship since then. However, I found no evidence there has been cointegrating relationship between Shanghai B-share market and any other market ever since the B-share market was opened to the local retail investors in 2001.
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Fiji’s thirty-five year old stock market remains persistently small and inactive but the state’s drive to retain and develop it remains equally unwavering. Numerous strategies have been tried and tested with little attention however to the issue of ‘small scale’. Inspired by the increasing global contest by exchanges to expand their scale and scope, this study begins to explore a strategic Fiji-Australia alliance prospect by first taking stock of any existing linkages, anticipating the two markets to be already closely linked for a number of reasons including proximity, trade, aid, and a large, Australian bank presence in Fiji. Advanced time series techniques including DCC, VDC and IRF show, contrary to expectations, that Fiji’s stock market is not at all closely linked to Australia’s or any of the other major trading partners. On a slightly positive note, of all the five major trading partners, albeit hardly noteworthy, Australia might have the most influence on Fiji’s market. Nevertheless, a Fiji-Australia alliance might be the only viable option to address Fiji’s entrenched ‘small scale’ conundrum for a meaningful subsistence of its stock market; a planned future study will examine the opportunities and challenges of accomplishing the alliance.
{"title":"Developing Fiji's Persistently Small and Inactive Stock Market: Exploring a Strategic Fiji-Australia Alliance Prospect","authors":"E. Roca, Parmendra Sharma, Victor S. H. Wong","doi":"10.2139/ssrn.2405248","DOIUrl":"https://doi.org/10.2139/ssrn.2405248","url":null,"abstract":"Fiji’s thirty-five year old stock market remains persistently small and inactive but the state’s drive to retain and develop it remains equally unwavering. Numerous strategies have been tried and tested with little attention however to the issue of ‘small scale’. Inspired by the increasing global contest by exchanges to expand their scale and scope, this study begins to explore a strategic Fiji-Australia alliance prospect by first taking stock of any existing linkages, anticipating the two markets to be already closely linked for a number of reasons including proximity, trade, aid, and a large, Australian bank presence in Fiji. Advanced time series techniques including DCC, VDC and IRF show, contrary to expectations, that Fiji’s stock market is not at all closely linked to Australia’s or any of the other major trading partners. On a slightly positive note, of all the five major trading partners, albeit hardly noteworthy, Australia might have the most influence on Fiji’s market. Nevertheless, a Fiji-Australia alliance might be the only viable option to address Fiji’s entrenched ‘small scale’ conundrum for a meaningful subsistence of its stock market; a planned future study will examine the opportunities and challenges of accomplishing the alliance.","PeriodicalId":287077,"journal":{"name":"ERN: Asia & Pacific (Emerging Markets) (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131143736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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