Cheung, Stephen Yan LeungStephen Yan LeungCheungHung, B. W.-S.2025-11-172025-11-171995https://repository.sfu.edu.hk/handle/sfu/5161This study applies the Johansen multivariate cointegration test to examine the interdependence of the Asian emerging equity markets — Hong Kong, Korea, Malaysia, Singapore, and Taiwan during the period 1981–1991. Our findings show that these markets are not cointegrated when prices are measured in local currencies. However, when prices are measured in US dollars there is evidence that these markets became cointegrated after the October 1987 Crash. Further analysis demonstrates that this relationship is caused by the coherence among the Asian currencies response against the US dollar in the subperiod 1987–1991.enjournal article10.1111/j.1468-5957.1995.tb00684.x