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Capital Mobility between ASEAN+3 and the US: An Analysis of Saving-Investment Relationship

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  • Shahari, Farihana

    (Department of Finance, Faculty of Economics and Management Science, International Islamic University Malaysia, Kuala Lumpur, Malaysia)

  • Rahman, Md. Saifur

    (School of Economics and Finance and Marketing, College of Business, RMIT, Melbourne, Australia)

  • Rahman, Mahfuzur

    (Department of Finance and Economics, College of Business Administration, University of Sharjah, Sharjah, United Arab Emirates)

Abstract

By using the hedging approach, this paper empirically examines the effectiveness of portfolio diversification in ASEAN+3 and US financial markets. Equity returns which is extracted from equity indices is used in the estimation by spanning data period from January 1991 to June 2018 which is disaggregated between pre-and post-financial cooperation agreement period. The study offers several outcomes for example portfolio with multiple assets is more effective than that of two-asset portfolio. The assets of emerging economies are more effective than that of developed economies due to the reflection of efficient market hypothesis. The study suggests policy recommendation for selecting the right assets to form an effective portfolio diversification.

Suggested Citation

  • Shahari, Farihana & Rahman, Md. Saifur & Rahman, Mahfuzur, 2025. "Capital Mobility between ASEAN+3 and the US: An Analysis of Saving-Investment Relationship," International Journal of Economics and Financial Issues, Econjournals, vol. 15(3), pages 110-123, April.
    • Handle: RePEc:eco:journ1:v:15:y:2025:i:3:id:18735
    DOI: 10.32479/ijefi.18735
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