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Comparative Analysis of the Impact of Regional Economic Integration on the Financial Markets of East Asia

Student: Arefeva Mariia

Supervisor: Marcel R. Salikhov

Faculty: Faculty of World Economy and International Affairs

Educational Programme: World Economy (Bachelor)

Year of Graduation: 2021

Financial integration brings both benefits and risks to financial systems. Strengthening regional integration aims to create a more effective mechanism for cooperation and coordination of activities to ensure sustainability. But is there really a stronger degree of integration of financial systems in recent years, including the crisis in 2020, than in the period after the crisis of the last decade? For the analysis of financial integration, the interdependence of stock markets will be considered based on the approach of Solnik and Roulet (2000) on the inter-market variance of returns. Based on the results of the analysis, the hypothesis that regionalization is increasing in East Asia is refuted, since the data obtained from the analysis of yield discrepancies show an increase in ties with global economies, such as the United States, while the influence of regional partners weakens over time.

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