Fig. 2a - Stock market covariance of weekly returns
(Asia; 3 month exp. moving average)
Korea
Malaysia
Indonesia
Thailand
Malaysia
Indonesia
Thailand
Philippines
0.48
0.40
0.32
0.24
0.16
0.08
0.00
-0.08
-0.16
1994 1995 1996 1997 1998 1999
0.64
0.56
0.48
0.40
0.32
0.24
0.16
0.08
0.00
-0.08
1994 1995 1996 1997 1998 1999
0.7
0.6 -
0.5 -
0.4 -
0.3 -
0.2 -
0.1 -
0.0
-0.1
Iiiiiiiiiiiiiiiiiiiii
1994 1995 1996 1997 1998 1999
0.30
0.25
0.20
0.15
0.10
0.05
0.00
-0.05
-0.10
-0.15
1994 1995 1996 1997 1998 1999
0.48
0.40
0.32
0.24
0.16
0.08
0.00
-0.08
1994 1995 1996 1997 1998 1999
0.60
0.48
0.36
0.24
0.12
0.00
-0.12
-0.24
1994 1995 1996 1997 1998 1999
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