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Emerging markets before the 1997 Asia Pacific financial crisis

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  • Damir Tokic

Abstract

This study investigates which Asia Pacific markets were driven by the US stock market and which by the Japanese stock market during the 1995-97 period, right before the 1997 Asia Pacific financial crisis. The results show that stock markets of Hong Kong, Indonesia and Malaysia shared a long-run equilibrium relationship with the US stock market. The stock market of the Philippines was linked with both the US stock market and the Japanese stock market, while stock markets of Thailand and South Korea did not appear to be influenced by either. Countries whose capital markets had a co-integrating relationship with the US market pegged their national currencies closely to the US dollar.

Suggested Citation

  • Damir Tokic, 2003. "Emerging markets before the 1997 Asia Pacific financial crisis," Asia Pacific Business Review, Taylor & Francis Journals, vol. 9(3), pages 105-115, March.
    • Handle: RePEc:taf:apbizr:v:9:y:2003:i:3:p:105-115
    DOI: 10.1080/13602380312331288650
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    Cited by:

    1. Yaser Abolghasemi & Stanko Dimitrov, 2021. "Determining the causality between U.S. presidential prediction markets and global financial markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4534-4556, July.

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