アジアの資本移動の変化に関するクラスター分析　アジア域内の証券投資活性化に向けて

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1 * ** relation * ** Seoul conference China and Emerging Asia: Reorganizing the Global Economy? held by KIEP and Seoul National University Hugh Patrick Yung-Chul Park East Asian Economic Association 1th International Convention

2 IS 65% 4.9% 8% 8.2% 199

3 1 Foreign Direct Investment Portfolio Investment Loan 2 1 Push Pull Jeanneau and Micu [22] Ferrucci, et al. [24] Jeanneau and Micu [22] 2 2) Papaioannou [25] Daude and Frantzscher [26] 3) ) 2) Gravity Model 3)

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6 Daiwa Institute of Research [26] IMF, Coordinated Portfolio Investment Survey (CPIS)

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10 ,99, , ,98, b 26-b b 25 No No.1 No ) ) 6 FDI PortfolioBank Loan

11 5 (1) (2) (3) (4)

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26 1 2% % %

27 16-a 7, 6, 5, 4, 3, 2, 1, BIS 16-b 7% 6% 5% 4% 3% 2% 1% % BIS

28 17-a 14, 12, 1, 8, 6, 4, 2, BIS 17-b 9% 8% 7% 6% 5% 4% 3% 2% 1% % BIS

29 18-a 14, 12, 1, 8, 6, 4, 2, BIS 18-b 7% 6% 5% 4% 3% 2% 1% % BIS

30 19-a 5, 45, 4, 35, 3, 25, 2, 15, 1, 5, BIS 19-b 8% 7% 6% 5% 4% 3% 2% 1% % BIS

31 2-a 6, 5, 4, 3, 2, 1, BIS 2-b 7% 6% 5% 4% 3% 2% 1% % BIS

32 21-a 25, 2, 15, 1, 5, BIS 21-b 6% 5% 4% 3% 2% 1% % BIS

33 22-a 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, BIS 22-b 6% 5% 4% 3% 2% 1% % BIS

34 23-a 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, BIS 23-b 9% 8% 7% 6% 5% 4% 3% 2% 1% % BIS

35 24-a 16, 14, 12, 1, 8, 6, 4, 2, BIS 24-b 7% 6% 5% 4% 3% 2% 1% % BIS

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37 Allen, F., J. Qian, and M. Qian [25] Law, Finance and economic growth in China, Journal of Financial Economics, 77, Claessens, S., S. Djankov, and L. Lang [2], The Separation of Ownership and Control in East Asian Corporations, Journal of Financial Economics, 58, Daiwa Institute of Research [26], A Report on Institutional Arrangements Regulations Surrounding Cross-Border Capital Flows in ASEAN+3 Economies, July 26. Daude, C. and M. Frantzscher [26], The Pecking Order of Cross-border Investment, Working Paper Series No. 59, European Central Bank. Ferrucci, G., V. Herzberg, F. Soussa and A. Taylor [24], Understanding Capital Flows to Emerging Market Economies, Financial Stability Review, June 24, pp , Bank of England. [26] 21 COE, DP Jeanneau, S. and M. Micu [22], Determinants of International Bank Lending to Emerging Market Countries, BIS Working Papers No. 112, Bank for International Settlements. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer [1999], Corporate Ownership Around the World, Journal of Finance, 54(2), pp La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny [1998], Law and Finance, Journal of Political Economy, 16(6), pp Papaioannou, E. [25], What Drives International Bank Flows? Politics, Institutions and Other Determinants, Working Paper Series No. 437, European Central Bank. Wakeling, D., L. Rogers and D. Flood [24], Asian Capital Flows, Reserve Bank Bulletin, August 24, pp , Reserve Bank of Australia. Yoshino, N. and T. Iijima [26], China and Japan: Rivals or Collaborators. Paper presented at the conference held by KIEP and Seoul National University; May, Seoul, Korea. Available from URL: BIS Available from URL: Available from URL: Available from URL:

野村資本市場研究所｜アジアの金融競争力（PDF）

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アジアの資本移動の変化に関するクラスター分析 アジア域内の証券投資活性化に向けて

アジアの資本移動の変化に関するクラスター分析　アジア域内の証券投資活性化に向けて