Financial Internationalization and Financial Linkage between East-Asian Region and Advanced countries

我们应用了非平稳时间序列分析的最新发展和其他统计技术：单位根协整分析，误差修正模型（ECM）和其他。我们得到了一些新的发现。(I)通过对东亚国家间汇率决定的检验，发现发达国家与东亚国家之间存在着强有力的金融联系。(ii)通过对1997年亚洲金融危机的成因分析，发现东亚国家之间存在着金融联动性。(iii)通过对汇率决定的检验，还发现发达国家之间存在很强的金融联系。因此，由于金融国际化，各国之间的金融联系变得更加紧密。这一发现表明，金融冲击和波动导致资本外逃和汇率危机。此外，这场危机立即将所有国家的金融不稳定性传导并降低。此外，这一发现表明，汇率，股票和利率的政策协调是世界各地的愿望。

We applied recent development of nonstationary time series analysis and other statistical technique to our research: unit root-cointegration analyses, error correction model (ECM) and others. We obtained some new finding. (I) It is found that there was a strong financial linkage from advanced countries to East Asian countries, through testing an exchange rates determination among those countries. (ii) It is found that there exists a financial linkage among East-Asian countries, through examining the causes of Asian financial crisis in 1997. (iii) It is also found that there was a strong financial linkage among advanced countries, by testing an exchange rates determination. Thus, because of financial internationalization, the financial linkage over countries becomes strong. This finding suggests that financial shocks and volatility cause capital flight and exchange rates crisis. Moreover, the crisis transmits and reduces all countries to financial instability immediately. Also, this finding proposes that policy coordination for exchange rates, stocks and interest rates are desired over the world.