Has the stock market integration between the Asian and OECD countries improved after the Asian crisis?

In recent years the world economy has become closely integrated due to increasing trade and financial capital flows across countries. In this study we investigate the cointegrating relationships between the stock price indices of 7 emerging Asian economies (Malaysia, South Korea, Singapore, Thailand, Taiwan, Hong Kong and the Philippines) with each of 4 OECD countries (Australia, Japan, USA and UK). We have used monthly stock price indices from September 1990 to June 2004 - subdivided into two groups (before and after the Asian crisis) - to determine the effect of the crisis. Using the Johansen ML approach, we have found that the seven Asian markets are integrated with the Australian, Japanese, US and UK markets separately. We have also found that the integration has increased after the Asian crisis.