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Does the US influence ASEAN+3 equity market integration?

Author

Listed:
  • Md. Saifur Rahman
  • Shahari Farihana

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.

Suggested Citation

  • Md. Saifur Rahman & Shahari Farihana, 2021. "Does the US influence ASEAN+3 equity market integration?," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 13(4), pages 502-524, March.
    • Handle: RePEc:eme:jfeppp:jfep-06-2020-0133
    DOI: 10.1108/JFEP-06-2020-0133
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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