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Understanding Market Inefficiency In The East Asian Region During Times Of Crisis, Lucia Morales, Bernadette Andreosso-O’Callaghan
Understanding Market Inefficiency In The East Asian Region During Times Of Crisis, Lucia Morales, Bernadette Andreosso-O’Callaghan
Articles
The study of financial market efficiency has important implications in terms of global macroeconomic stability. The case of six selected East Asian stock markets (China, Japan, Hong Kong, Malaysia, Singapore and South Korea) during the Asian Financial Crisis (AFC) and Global Financial Crisis (GFC) is analysed here using a battery of well-known econometric techniques that starts with traditional unit root testing for random walk behaviour. The six countries were selected on the basis of market capitalization to offer insights into the behaviour of the most relevant markets in the region. The results show that during both crises, these markets exhibited …