causes of racial discrimination

causes of racial discrimination

funding packages with favorable conditions for its neighbor countries (Nancy and Libong, 2009 , pp. 99).
Scholars have divided the Asian stock market integration into three periods of times; before, during and after the Asian crisis. Scholars have categorized East Asia as Japan, Korea, Taiwan, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Philippines and Mainland China (Kiyotaka, Zhaoyong, and Mc Aleer, 2010 , p. 1354). Their statistical analysis shows, that these countries have grown rapidly over three decades from 1965 to 1990, their economy slowed down during the currency crisis of 1997 and after a short time then improved significantly. The financial integration among these countries has accelerated after the financial crisis and has raised the issue of establishing regional monetary arrangements or a monetary union (Kiyotaka et al., 2010 , p. 1354).
In addition to this study, scholars studied the correlation of external shocks or global factors such as oil price shocks and US shocks on East Asian financial integration, and internal shocks or local macroeconomic variables on the regional financial integration. In their studies, they used a dynamic approach and the results indicate that from 1978 to 1987 although US shocks had the highest impacts on real GDP growth rate, like Japan, Taiwan and Malaysia but Japanese shocks were the major player in Growth rate of Hong Kong and Singapore. However, starting from 1999 to 2007, US has increased its financial integration with Hong Kong, Singapore and Taiwan. Finally, the world oils price shocks have become extremely important for the output growth rate of countries like China, Hong Kong, Singapore and Thailand (Kiyotaka et al., 2010 , p. 1363). Furthermore, the intense of interrelation among the countries has yielded that each countries real GDP and inflation rate to be influenced by other countries real GDP and inflation rate. For instance, the results of correlation analysis indicate the high...

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