Abstract
PurposeThis paper aims to examine whether the US influences the ASEAN + 3 financial market integration.Design/methodology/approachA two-stage cointegration test is used in the estimation by using equity indices from selected member economies and the USA.FindingsThe 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/valueThe study offers invaluable policy implications for developing the nexus in the regional equity markets.
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