000			01881nab a2200265Ia 4500
003			PILC
005			20221123182330.0
008			180619s9999 xx 000 0 und d
040			_cMANILA TYTANA COLLEGES LIBRARY
100			_aDuport, Noëlle.
245		0	_aWorld business cycle, local specialization and asset prices / _cNoëlle Duport, Daniel Goyeau, Genelyn Ma. F. Sarte
260			_c2011
336			_atext
337			_aunmediated
338			_avolume
440			_aPhilippine Management Review _n18, page 51-70
520			_aThis paper analyzes the contribution of the Southeast and Central Asian countries in international portfolio diversification. We characterize the stock cycles of six (6) Asian emerging countries (Korea, Malaysia, Philippines, Singapore, Indonesia and Thailand) by comparing their real cycles with the real and financial cycles of the US. The different phases of the cycles are identified using the Markov-switching autoregressive (MSAR) modeling procedure. The synchronization is then measured by the degree of concordance measure of Harding and Pagan (2002). The main result is that three groups of countries can be distinguished: (1) Indonesia, Philippines and Singapore where the financial markets do not depend on the local real conditions but which depend on the American financial market; (2) Korea and Malaysia which are not dependent on the local real conditions, and the US financial market and real conditions; and (3) Thailand unlike other countries does not present a link with its real economy while presenting a link with the US financial market and real US economy but in s countercyclical manner.
521			_aBusiness Administration
650			_aBusiness cycles.
650			_aMarkov processes.
700			_aGoyeau, Daniel.
700			_aSarte, Genelyn Ma. F.
942			_cAN _2lcc
998			_c81558 _d139921
999			_c78458 _d78458