Korea
Malaysia
Indon.
Thail.
Philip.
Fig. 2b - Stock market covariance of weekly returns
(Asia vs. Hong Kong and Singapore; 3 exponential month moving average)
Hong Kong
Singapore
|
0.40 - 0.32 - 0.24 - 0.16 - 0.08 - 0.00 - 0.08 - 0.16 - |
л |
Л |
ʌ. |
? |
Л |
VU | ||
|
∏wwww≡ |
аг Iiiiiiiiiii |
ʃ*7 lVv WWT |
г* ∏wτ |
'Vl ⅛wwwπ |
ι wτm |
WW |
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.42
0.35
0.28
0.21
0.14
0.07
0.00
-0.07
0.48
0.40
0.32
0.24
0.16
0.08
0.00
-0.08
Iiiiiiiiiiiiiiiiiiiiiiiiiiii
Iiiiiiiiii iiiiiiii Iiiiiiiiiiiiiiiiiiiiii
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
ImwwTiiiIIIIii Iiiiiiiiiii Iiiiiiiiiiii iiiiiiii Iiiiiiiiiiiiiiiiiiiiiii iiiiii ii Iiiiiiiiii Iiiiiiiiiii
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.4
0.3
0.2
0.1
0.0
-0.1
-0.2
≡≡≡≡π≡w wwmπ wwwwwτ τrrmrrrrrrwrrrr
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.4
0.3
0.2
0.1
0.0
-0.1
|
- Ла,. j iwwwww |
—ι-∙v* Iiiiiiiiiii Iiiiiiiiiii |
I iiiiiiii Iiiiiiiiiiiiiiiiiiiiiii iiiiii ii Iiiiiiiiii Iiiiiiiiiii |
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.25
0.20
0.15
0.10
0.05
0.00
-0.05
-0.10
Iiiiiiiiiiiiiiiiiiiiiiiiiiiii Iiiiiiiiiii Iiiiiiiiiiii iiiiiiii Iiiiiiiiiiiiiiiiiiiiiii iiiiii ii Iiiiiiiiii Iiiiiiiiiii
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.30
0.25
0.20
0.15
0.10
0.05
0.00
-0.05
Wwmwilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999