ANALISIS INTEGRASI PASAR MODAL KAWASAN ASIA-PASIFIK (APEC): IMPLIKASI DIVERSIFIKASI INTERNATIONAL

Abstract

The purpose of this study was to determine the presence of capital market integration in the Asia
Pacific region which has implications for portfolio diversification opportunities internationally. This study
uses quantitative methods to the analysis of the model using VECM (Vector Error correction model) with a
stationary test level level , different stationary , cointegration and correlation . The population is the entire
country in the Asia -Pacific (APEC) which has a capital markets while the sample is 10 APEC countries which
include U.S. state (^ DJIA), Australia (^AORD), HongKong (^HSI), Japan (^ N225), Singapore (^ STI), Singapore
(^ KS11 ), New Zeland (^ NZ50), Indonesia (^ JKSE), Malaysia (^ KLSE), Chinese (^ SSEC) . The results of
these studies demonstrate that there are capital market integration in the Australian state of capital market
(^ AORD)- Malaysia (^ KLSE) and Hong Kong (^ HSI )-South Korea (^ KS11) and there are opportunities in the
area of portfolio diversification proficiency level shows that there are 20 pairs market index has a negative
correlation coefficient.