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South-South Cooperation in South and East Asia: An Event Study of the China-Pakistan Economic Corridor

机译:南亚和东亚南南合作:中国 - 巴基斯坦经济走廊的活动研究

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摘要

South-South cooperation has been on the rise in recent years. One of the latest examples is the China-Pakistan Economic Corridor (CPEC) proposed by the Chinese and Pakistani governments in 2013. Using event study methodology, this article examines the impact of events and announcements associated with CPEC on the Pakistan Stock Exchange in Pakistan and the Shanghai Stock Exchange in China. The first key finding of this article is that the initial announcement associated with CPEC had stronger and positive short-term impact on the Pakistan Stock Exchange in comparison with the impact of subsequent CPEC events on the stock market. The second key finding is that the short-term impact of the CPEC initial announcement was stronger on the Pakistan Stock Exchange than on the Shanghai Stock Exchange, possibly due to the substantial difference in the size of the two economies. The empirical results of this article have important implications for investors, corporations and regulators to the Global South.
机译:南南合作近年来一直在崛起。最新例子是中国和巴基斯坦政府在2013年提出的中国 - 巴基斯坦经济走廊(CPEC)。使用事件研究方法,本文介绍了与CPEC对巴基斯坦的巴基斯坦证券交易所相关的事件和公告的影响中国上海证券交易所。本文的第一个关键寻找是与CPEC相关的初步公告与巴基斯坦证券交易所的对巴基斯坦证券交易所相比具有更强和积极的短期影响,比较了随后的CPEC事件对股票市场的影响。第二个关键发现是,CPEC初始公告对巴基斯坦证券交易所的短期影响比上海证券交易所更强劲,可能是由于两经济体规模的实质性差异。本文的实证结果对投资者,公司和监管机构对全球南方具有重要意义。

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