Does the US influence ASEAN+3 equity market integration?

Md. Saifur Rahman and Shahari Farihana

Journal of Financial Economic Policy, 2021, vol. 13, issue 4, 502-524

Abstract: Purpose - This paper aims to examine whether the US influences the ASEAN + 3 financial market integration. Design/methodology/approach - A two-stage cointegration test is used in the estimation by using equity indices from selected member economies and the USA. Findings - The finding of this study shows that the equity markets of ASEAN + 3 are integrated especially after the Asian crisis period reflecting the regional cooperation. There is a strong market nexus between ASEAN + 3 and the USA, but the ASEAN + 3 financial cooperation agreement does not depend on the US financial market. Originality/value - The study offers invaluable policy implications for developing the nexus in the regional equity markets.

Keywords: ASEAN+3; Equity markets; Financial crisis; Market nexus; Financial markets; Financial markets and the macroeconomy; Economic integration; Financial aspects of economic integration; F15; F36; G15 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfeppp:jfep-06-2020-0133

DOI: 10.1108/JFEP-06-2020-0133

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