integration) model allowing for endogenously determined structural breaks is estimated for these purposes (Gil-Alana, 2008). The … results suggest that the ASEAN currencies are much more interlinked than previously thought, whether or not breaks are taken …

point estimation under long memory without a priori assumptions on the presence of breaks. In contrast to previous studies …, we allow for smooth trends in addition to breaks as a source of spurious long memory. We support the fi nding of reduced …. Nevertheless, only a few breaks can be located. Instead, all countries exhibit signi cant trends at the 5 percent level with the …