资源环境科技发展态势分析平台

Asian markets have developed deeper connections with the rest of the world over the past 2 decades. They have transitioned toward stronger direct links to developed non-Asian markets, from less direct links through key bridge markets (such as Hong Kong, China). This paper investigates this changing network of financial markets for six periods from 1995 to 2016, emphasizing the direction, significance, and strength of links between markets. It focuses on transitions before and after the Asian financial and global financial crises, and shows that interconnectedness increases during periods of stress and falls in postcrisis periods.