The article examines the stability of purchasing power parity (PPP) in Asian countries using a method called recursive cointegration analysis. The researchers found evidence of cointegration for Korea, Malaysia, and Singapore, with a short window of instability for Thailand during the 1997/98 Asian crisis. There were no structural breaks in the cointegrating vectors, but turbulence was detected during the 1997/98 crisis, the 1985 Plaza Accord, and the period from 1978 to 1984. Long-run parameters were stable for Malaysia, the Philippines, and Singapore, but unstable for Indonesia, Korea, and Thailand.