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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

123

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

Citation

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. https://doi.org/10.1108/JFEP-06-2020-0133

Publisher

:

Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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