[투자론] 주가 동조화 현상(영문)

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레포트 > 경제경영계열
2010.12.21
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[투자론] 주가 동조화 현상(영문)에 대한 자료입니다.

1. Introduction
2. Market Integration
1) Definition of stock market integration
2) Phenomenon of stock market integration
3) The causes of Stock Market Integration
3. Examples (News)
4. Conclusion

본문내용

2. Market Integration

1) Definition of stock market integration

Market integration occurs when prices among different location or related goods follow similar patterns in a long period. Group of prices often move proportionally to each other and when this relation is very clear among different markets, it is said that the markets are integrated. Thus, market integration is an indicator that explains how deeply different markets are related to each other. Decoupling is the situation when the direction is the opposite.

2) Phenomenon of stock market integration

① Subprime mortgage crisis had big problems with the stock market plunged, and it can be explained by the correlation between them.

- Research team investigated that the relationship between Korean KOSPI, U.S.’s Dow Jones, Dow Jones Euro, Japanese Nikkei 225, and Chinese Shanghai Composite Stock Price Index as representative index of the national market, and it is known that except china all nation's correlation of stock price has been growing.

② The empirical results that short and long term relationship between U.S's stock prices and each country's stock prices are said that their relationship was amplified after the second half of 2007. Especially Korean and European markets have made long term integration.

- When Dow Johns goes down 1%, Kospi goes down 0.2% with long term relationship.

3) The causes of Stock Market Integration

① Impact of the United State
First, the reason of increasing in market integration movement is because the United State acted as the driving force behind global economic growth over the Asian financial crisis in 1997. The economy of the United State in 1997 and 1998 was ongoing growth of 4%, and that was an opportunity to recover business crisis for emerging nations which were in trouble, such as Japan, after Asian financial crisis.
Looking at the United State's contribution to global economic growth after the mid of 90s, we realized huge impacts of the United States as a driving force on the global market.. From 1994 to 1999, increased world GDP was 5.7 trillion U.S. dollars (based on current prices). 46% of that, 2.6 trillion U.S. dollars, was contribution of the United States. Because of the U.S, economic growth, and the Asian financial crisis in the end of 1997, Korean exports to the United States rose from 16.7% in 1996 to 20.5% in 1999. Seeing the figures, it seems hard to say it as high growth, but it has a good meaning in the sense that exports to the United States increased in economy contraction after the financial crisis. However, after the financial crisis, the proportio

#주가 #동조화 #투자론 #동조 #영문

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