Fig. 3a - Stock market correlation of weekly returns
(Asia; 3 month exp. moving average)
Korea
Malaysia
Indonesia
Thailand
Malaysia
Indonesia
Thailand
Philippines
1.00
0.75
0.50
0.25
0.00
-0.25
-0.50
-0.75
-1.00
1994 1995 1996 1997 1998 1999
1.00
0.75
0.50
0.25
0.00
-0.25
-0.50
-0.75
-1.00
1994 1995 1996 1997 1998 1999