The Linkage and Risk Spillovers of China,Japan,and South Korea Stock Markets under the RCEP Background
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.
China,Japan,and South KoreaNortheast AsiaStock MarketYield VolatilityRisk Transmission
万方数据
维普
