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Does the US influence ASEAN+3 equity market integration?

Md. Saifur Rahman (Department of Finance, RMIT University, Melbourne, Australia)
Shahari Farihana (International Islamic University Malaysia, Kuala Lumpur, Malaysia)

Journal of Financial Economic Policy

ISSN: 1757-6385

Article publication date: 1 March 2021

Issue publication date: 28 June 2021




This paper aims to examine whether the US influences the ASEAN + 3 financial market integration.


A two-stage cointegration test is used in the estimation by using equity indices from selected member economies and the USA.


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.


The study offers invaluable policy implications for developing the nexus in the regional equity markets.



Rahman, M.S. and Farihana, S. (2021), "Does the US influence ASEAN+3 equity market integration?", Journal of Financial Economic Policy, Vol. 13 No. 4, pp. 502-524.



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