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| dc.description.abstract | Penelitian ini bertujuan untuk menganalisis tingkat integrasi pasar saham kawasan
ASEAN dan China. Alat analisis yang digunakan adalah Model Vector Correction Model
(VECM). Hasil penelitian menunjukkan bahwa pertama, pasar modal Malaysia, Filipina,
Singapura, Thailand, dan China berpengaruh positif terhadap pasar modal Indonesia, tetapi
pasar modal Indonesia tidak berpengaruh terhadap pasar modal negara lain. Kedua, pasar
saham Singapura berpengaruh positif terhadap pasar modal Indonesia, Malaysia, Thailand,
dan China, kecuali Filipina. Ketiga, pasar modal China hanya mempengaruhi pasar modal di
Singapura. Pasar saham Singapura dan China mengalami integrasi lengkap karena keduanya
saling mempengaruhi. Keempat, pasar modal Filipina hanya mempengaruhi pasar modal
Indonesia. Pasar modal Indonesia berada dalam posisi rentan, mudah dipengaruhi oleh gejolak
pasar modal yang terjadi di kawasan ASEAN dan China. Pasar modal Singapura berada
dalam posisi yang kuat, sebagai referensi untuk pasar modal lain di wilayah tersebut.
Sementara pasar modal Filipina relatif lebih tersegmentasi, dipengaruhi gejolak domestik. | en_US |
