In the context of the implementation and promotion of RCEP,this paper compares the linkage and risk spillover situation of the stock markets of China,Japan,and South Korea in different stages of RCEP promotion from the perspective of regional economic integration leading to financial integration.The results indicate that the volatility of returns in the stock markets of the three countries has a significant leverage effect,and the linkage between stock mar-kets during crisis outbreaks will significantly increase;The degree of integration between stock markets is deepening,with South Korea as a risk importing country and China and Japan as risk exporting countries.In order to maintain finan-cial stability,in addition to further strengthening macro prudential supervision,countries should collaborate and build a regional unified and coordinated risk prevention mechanism.
关键词
中日韩/东北亚/股票市场/收益率波动/风险传染
Key words
China,Japan,and South Korea/Northeast Asia/Stock Market/Yield Volatility/Risk Transmission
维普
万方数据