The article examines how removing financial barriers in Asian emerging stock markets affects their integration with global markets. The study analyzes data from 1988 to 1997, focusing on markets in Malaysia, South Korea, Taiwan, and Thailand, as well as major markets in Hong Kong, Japan, and the US. The findings suggest that market liberalization has a significant impact on all equity markets, leading to increased interdependence with major global markets. This means that diversifying investments across different markets may not be as effective, and countries may have limited control over their monetary policies in a globally integrated financial system.