Chinn, Menzie D.; Frankel, Jeffrey A. - Center for Pacific Basin Monetary and Economic Studies, … - 1995
this analysis, which allows for multiple cointegrating vectors. The results indicate that Hong Kong, Malaysia and Taiwan … are linked with both the US and Japan (in terms of cointegration and positive covariation), while only Singapore is solely … linked with the US. On the other hand Korea, and perhaps Indonesia and Thailand appear to be more closely linked with Japan …