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.

中文翻译：

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美国是否影响东盟+3股市一体化？

目的

本文旨在考察美国对东盟+3金融市场一体化的影响。

设计/方法/方法

通过使用来自选定成员经济体和美国的股票指数，在估计中使用了两阶段协整检验。

发现

本研究的结果表明，东盟+3 的股权市场是一体化的，尤其是在亚洲危机时期之后，体现了区域合作。东盟+3与美国之间存在强大的市场联系，但东盟+3金融合作协议并不依赖于美国金融市场。

原创性/价值

该研究为发展区域股票市场的联系提供了宝贵的政策意义。