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This paper investigates the extent to which financial markets in the Pacific Basin Region have become more integrated, by analyzing the comovements of real interest rates. The paper uses cointegration and error correction models and draws inferences on the degree of capital market integration by looking at the speed of adjustment of real interest rates following a shock. The results show that there has been an increase in capital market integration with both U.S. and Japan during the 1980s. Japan has not, however, overtaken U.S. in dominating the financial markets of these countries, except possibly in the case of Malaysia. Capital market integration is found to be greater in Singapore, Hong Kong and Taiwan Province of China. On the other hand, Japan is the least integrated country with the United States.

Banks and Banking --- Exports and Imports --- International Investment --- Long-term Capital Movements --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- Financial Aspects of Economic Integration --- Interest Rates: Determination, Term Structure, and Effects --- Finance --- International economics --- Real interest rates --- Capital market integration --- Interest rate parity --- Market interest rates --- Capital controls --- Financial services --- Economic integration --- Balance of payments --- Interest rates --- International economic integration --- Capital movements --- Taiwan Province of China

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This paper examines the demand for money under conditions of very high inflation in Argentina, Bolivia, Brazil, Chile and Peru during the 1970s and 1980s. We test whether the monetary and inflationary experiences of these countries can be adequately characterized by the Cagan (1956) model, using an econometric procedure which is not reliant on any particular assumption concerning expectations formation except that forecasting errors are stationary. We also examine the importance of foreign asset substitution in domestic portfolios.

Exports and Imports --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- Demand for Money --- Price Level --- Deflation --- Debt --- Debt Management --- Sovereign Debt --- International Investment --- Long-term Capital Movements --- Public finance & taxation --- International economics --- Monetary economics --- Government debt management --- Foreign assets --- Demand for money --- Price controls --- Prices --- Public financial management (PFM) --- External position --- Money --- Debts, Public --- Investments, Foreign --- Government policy --- Argentina

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Finances. Grande-Bretagne. Statistique (Services de). --- Geldwezen. Groot-Brittannië. Statistische diensten.