ASEAN+3 Equity Markets Integrated, US Influence Not Essential.
The study looked at whether the US affects the integration of financial markets in ASEAN + 3 countries. They used a two-stage test with equity indices from different countries. The results show that the markets in ASEAN + 3 are connected, especially after the Asian crisis. There is a strong link between ASEAN + 3 and the US markets, but the regional cooperation doesn't rely on the US market. This research provides important insights for improving connections in regional equity markets.