Gabriella, Laura Grace
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Financial Integration in ASEAN-5 Gabriella, Laura Grace; Suryanarayana, Revathy; Esady, Vania
Economics and Finance in Indonesia Vol. 62, No. 1
Publisher : UI Scholars Hub

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Abstract

The financial integration in South East Asia has varied over time. This paper focuses on three periods: before, during, and after the global financial crisis in 2008. This paper finds that ASEAN-5 countries have indeed taken a step towards financial integration. While we do not observe any (cointegrating) long-run relationships between the ASEAN-5 countries, we find that there has been a significant increase in the volatility spillovers between them. This is particularly true in the recovery period following the global financial crisis.