文章基本信息

标题：Financial market integration in Pakistan
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作者：Sulaiman D. Muhammed ; Syed Iqbal Hussain Naqvi ; Saba Zehra 等
期刊名称：African Journal of Business Management
印刷版ISSN：1993-8233
出版年度：2012
卷号：6
期号：2
页码：608-614
DOI：10.5897/AJBM11.2095
语种：English
出版社：Academic Journals
摘要：This research evaluates the issue of financial integration with reference to financial market of Pakistan; subsequent to liberalization (1991) capital flows rapidly growing due to openness reforms. This openness reforms specifically increased capital flow in short run in domestic market. It is imperative to explore causes pertaining to this issue to obtain positive impact with growing sustainable financial markets. For this purpose, monthly data of Karachi interbank offer rate (KIBOR), 3 months treasury bills rate, Pakistani rupee/US dollar exchange rate, stock prices (Karachi Stock Exchange 100 index) and the London Interbank offer rate (LIBOR) were used. Applying Johnson co integration technique, it is found that there is a long run correlation among local foreign exchange market and LIBOR but this relationship is not robust due to high control of State Bank of Pakistan (SBP). Securities market is still found at the developing stage and not fully integrated with international financial market. It is suggested that further steps and initiatives be taken to increase international financial integration in securities market. This may be very helpful to reduce arbitrage and speculation in financial market in Pakistan.
关键词：Financial integration; co-integration; market