Citation
R. C., Royfaizal and Lee, Chin and Mohamed, Azali
(2009)
ASEAN-5+3 and US stock markets interdependence before, during and after Asian financial crisis.
International Journal of Economics and Finance, 1 (2).
pp. 45-54.
ISSN 1916-971X; ESSN: 1916-9728
Abstract
The issues of international stock markets linkages had been investigated over the time. Since the Asian financial crisis
in 1997, many economists are concerned about the relationship between Asian stock markets and others in the world. The main objective of this paper is to examine the linkages between ASEAN-5+3 namely Malaysia, Singapore, the
Philippines, Thailand, Indonesia, China, Japan and Korea an
d US stock markets. The data consists of weekly stock
indices data. The total samples are separated into three sub-periods. All the indices applied are expressed in local
currencies. In conclusion, we found that ASEAN-5+3 and US stock markets are interdependence during crisis and
post-crisis periods and the impact of US stock market is
effective in ASEAN-5+3 stock markets only for pre- and
during-crisis periods.
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