Prelims

Half Title Page

BANKING AND FINANCE ISSUES IN EMERGING MARKETS

Series Page

International Symposia in Economic Theory and Econometrics

Series Editor: William A. Barnett

Title Page

International Symposia in Economic Theory and Econometrics Volume 25

BANKING AND FINANCE ISSUES IN EMERGING MARKETS

EDITED BY

WILLIAM A. BARNETT

University of Kansas, USA, and Center for Financial Stability, USA

BRUNO S. SERGI

Harvard University, USA, and University of Messina, Italy

United Kingdom – North America – Japan – India – Malaysia – China

Copyright Page

Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2018

Copyright © 2018 Emerald Publishing Limited

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-78756-454-1 (Print)

ISBN: 978-1-78756-453-4 (Online)

ISBN: 978-1-78756-455-8 (Epub)

ISSN: 1571-0386 (Series)

Dedication

Dedicated to the memory of the brilliant financial macroeconomist, Shu Wu, 1966–2018.

List of Contributors

Soumya Bhadury, Associate Fellow, National Council of Applied Economic Research, New Delhi, India (Ch. 6)

Kevin Chen, Center for Global Affairs, New York University and Hywin Capital, USA (Ch. 11)

William W. Chow, Division of Business and Management, United International College, Zhuhai, China (Ch. 4)

Michael K. Fung, School of Accounting and Finance, Hong Kong Polytechnic University, Hong Kong (Ch. 5)

Agrata Gupta, Senior Analyst, Goldman Sachs, London, UK (Ch. 9)

Korbkul Jantarakolica, College of Innovation Management, Rajamangala University of Technology Rattanakosin, Nakhonpathom, Thailand (Chs. 1, 10)

Tatre Jantarakolica, Faculty of Economics, Thammasat University, Bangkok, Thailand (Chs. 1, 10)

Asli Leblebicioglu, School of Economic, Political and Policy Sciences, University of Texas at Dallas, USA (Ch. 7)

Pym Manopimoke, Principal Economist, Puey Ungphakorn Institute for Economic Research, Bank of Thailand, Bangkok, Thailand (Ch. 3)

Bhanu Pratap, Manager, Department of Economic and Policy Research, Reserve Bank of India, Mumbai, India (Ch. 6)

Suthawan Prukumpai, Faculty of Business Administration, Kasetsart University, Thailand (Ch. 3)

Yuthana Sethapramote, School of Development Economics, National Institute of Development Administration, Thailand (Ch. 3)

Victor J. Valcarcel, School of Economic, Political and Policy Sciences, University of Texas at Dallas, USA (Ch. 7)

Cong Wang, Department of Finance, Jinan University, China (Ch. 2)

Xue Wang, Department of Finance, Jinan University, China (Ch. 2)

Chun Xia, Head of Research, Noah Holdings Group, Shanghai, China, and Visiting Associate Professor, The Faculty of Business and Economics, The University of Hong Kong, Hong Kong (Ch. 9)

Masaki Yamaguchi, Faculty of Humanities and Social Sciences, Yamagata University, Japan (Ch. 8)

Editorial Advisory Board Members

Scientific Committee

William A. Barnett, University of Kansas, Lawrence, Kansas, and Center for Financial Stability, New York City, USA.

F. Bec, University of Cergy Pontoise, France.

H. Ben Ameur, INSEEC, France.

M. Ben Salem, Erudite (UPEMLV) and Paris School of Economics, France.

Ma. Bellalah, University of Jules Verne, France.

R. Davidson, McGill University, Canada and AMSE-GREQAM, France.

G. Dufrénot, Aix-Marseille University, France.

B. Dumas, INSEAD, France.

B. Egert, OECD, France.

Ph. Franses, Erasmus University Rotterdam, the Netherlands.

G. Gallais-Hamonno, University of Orléans, France.

E. Girardin, Aix-Marseille University, France.

J. Glachant, University of Evry, France.

S. Grégoir, EDHEC Business School, France

K. Hadri, Queen’s University Belfast, UK.

S. Hall, Leicester University, UK.

F. Jawadi, University of Evry, France.

A. Kirman, Aix-Marseille University & EHESS, France.

S. Laurent, Maastricht University, the Netherlands.

B. Lehmann, University of California, San Diego, USA.

Th. Lux, University of Kiel, Germany.

F. Mihoubi, University of Evry, France.

B. Mizrach, Rutgers University, USA.

S. Onnée, INSEEC, France.

D. Peel, Lancaster University, UK.

A. Péguin-Feissolle, Aix-Marseille School of Economics, France.

G. Prat, University of Paris West Nanterre and CNRS, France.

Ch. Rault, University of Orléans, France.

S. Reitz, University of Kiel, Germany.

Ph. Rothman, East Carolina University, USA.

L. Sarno, City University London, UK.

O. Scaillet, HEC of Geneva, Switzerland.

A. Scannavino, University of Paris 2 Pantheon Assas, France.

R. Sousa, University of Minho, Portugal.

G. Talmain, University of Glasgow, UK.

A. Tarazi, University of Limoges, France.

T. Teräsvirta, Aarhus University, Denmark.

R. Tsay, University of Chicago, USA.

R. Uctum, University of Paris West Nanterre and CNRS, France.

D. Van Dijk, Econometric Institute, Erasmus University Rotterdam, the Netherlands.

Acknowledgments

From the first step of the proposal submission throughout the editorial work and the final production of volume 25 in the Emerald Publishing’s book series International Symposia in Economic Theory and Econometrics, we have received help from several colleagues. We are deeply thankful to reviewers who have offered their expertise, valuable comments, and insights to both this volume’s contributors and us. Also, we would like to express our gratitude to Nick Wolterman for his very supportive assistance and expert editorial supervision. We would like to thank the attentive and responsive people at Emerald Publishing who have managed the production of this book from start to finish. We would like to thank Sujatha Subramaniane and all the book's copyeditors for an outstanding editing and proofreading of the final text.

About the Editors

William A. Barnett is the Oswald Distinguished Professor of Macroeconomics at the University of Kansas, Director of the Center for Financial Stability in New York City, President of the Society for Economic Measurement, and Editor of the Cambridge University Press journal, Macroeconomic Dynamics. His book, Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy, published by MIT Press, won the American Publishers’ Award for Professional and Scholarly Excellence for the best book published in economics during 2012. With Nobel Laureate Paul Samuelson, he also coauthored the book, Inside the Economist’s Mind, translated into seven languages.

Bruno S. Sergi is a Teacher and Scholar whose area of research interest centers on the emerging markets. At Harvard University, he is Instructor on the economics of emerging markets and the political economy of Russia and China, Associate of the Davis Center for Russian and Eurasian Studies, and Faculty Affiliate in the Institute for Quantitative Social Science. In addition, he teaches International Economics at the University of Messina, is Associate Editor of The American Economist (an official publication of Omicron Delta Epsilon, The International Honor Society in Economics), and Cofounder and Scientific Director of the International Center for Emerging Markets in Moscow. He is the author and/or coauthor of several books and over 150 scholarly papers.