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Integration of Emergency Equity Markets: Major Asian Players


  • Evzen Kocenda


  • Jan Hanousek



This paper analyzes the most advanced part of the emerging capital market of East Asia in order to assess its weak- form efficiency and to test for the conver-gence of market returns in the different countries The analysis of convergence addresses the question of whether the markets in East Asia are becoming a single market rather than a group of segmented ones and whether they behave efficiently. We haw found support for the fact that the returns of Fast Asian capital markets are converging within selected group and "limiting" group mean returns are weak-form efficient.

Suggested Citation

  • Evzen Kocenda & Jan Hanousek, 1998. "Integration of Emergency Equity Markets: Major Asian Players," Korean Economic Review, Korean Economic Association, vol. 14, pages 99-113.
  • Handle: RePEc:kea:keappr:ker-199806-14-1-06

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    Cited by:

    1. Jarko Fidrmuc & Iikka Korhonen & Ivana Bátorová, 2013. "China in the World Economy: Dynamic Correlation Analysis of Business Cycles," CESifo Economic Studies, CESifo, vol. 59(2), pages 392-411, June.
    2. Fidrmuc, Jarko & Korhonen, Iikka, 2010. "The impact of the global financial crisis on business cycles in Asian emerging economies," Journal of Asian Economics, Elsevier, vol. 21(3), pages 293-303, June.
    3. Hallett, Andrew Hughes & Richter, Christian, 2011. "Trans-Pacific Economic Relations and US-China Business Cycles: Convergence within Asia versus US Economic Leadership," ADBI Working Papers 292, Asian Development Bank Institute.
    4. Kocenda, Evzen, 1998. "Exchange rate in transition," MPRA Paper 32030, University Library of Munich, Germany.
    5. Andrew Hughes Hallett & Christian Richter, 2009. "Is the US no longer the economy of first resort? Changing economic relationships in the Asia-Pacific region," International Economics and Economic Policy, Springer, vol. 6(2), pages 207-234, July.

    More about this item


    Market Return Differential; Convergence; Panel Data; Stationarity; Market Efficiency;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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