A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions

Anastasiya Volodina; Marina Trachenko; Elena Starodubtsyeva

doi:10.52957/2221-3260-2025-12-92-106

VAK Russia

5.2.1 5.2.5

A STUDY OF THE DEPENDENCE OF STOCK MARKETS IN THE ASIA-PACIFIC REGION ON COUNTRIES IN OTHER REGIONS A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions

АА Аа

Published in Theoretical economics · Pages 92–106 · Rubric: MODERN PROBLEMS OF THE WORLD ECONOMY

DOI: https://doi.org/10.52957/2221-3260-2025-12-92-106

Received: 28.10.2025 Accepted: 29.12.2025 Published: 31.12.2025

Authors

Anastasiya Volodina

ORCID

Marina Trachenko

ORCID

Elena Starodubtsyeva

Anastasiya Volodina

Academic degree: candidate of economic sciences

Science rang: docent

State University of Management Moscow

ORCID

Marina Trachenko

Academic degree: candidate of economic sciences ; doctor of economic sciences

Science rang: professor

State University of Management Moscow

ORCID

Elena Starodubtsyeva

Academic degree: doctor of economic sciences

Federal State Budgetary Educational Institution of Higher Education "Financial University under the Government of the Russian Federation" Vladikavkaz Branch Russian Federation · Moscow

ABSTRACT

The relevance of this article is driven by the transformation of stock markets and increased investor interest in the Asia-Pacific region. The primary objective of this study is to identify the relationship between stock index returns within the Asia-Pacific region and those of indices in other regions. Stock index returns are inextricably linked to investment risk, and the authors also focused on this aspect in their study of Asia-Pacific stock markets. The paper analyzes 91 stock indices across five regions - Asia-Pacific, Americas, Europe, the Middle East, and Africa - for the period 2022-2024. Based on the statistical analysis, the article concludes that, despite fluctuating dynamics from year to year, a stable relationship exists between Asia-Pacific markets and African markets. While Asia-Pacific markets exhibit lower volatility relative to other markets, Asia-Pacific stock indices are less dependent on other countries than other regions’ markets are on Asia-Pacific markets. The study’s results showed that Asia-Pacific stock markets are quite risky: overall, over the analyzed period, Asia-Pacific stock market returns increased, while the standard deviation of average daily returns decreased. However, the deviation significantly exceeds the returns. A significant decrease in the correlation between the returns of Asia-Pacific stock indices and indices of other regions in terms of beta was revealed. Further research could be devoted to examining additional factors and characteristics of Asia-Pacific stock markets, as well as a more in-depth analysis and determination of the cause-and-effect relationships identified in this study.

KEYWORDS

stock market, returns, market indices, volatility, stock exchanges, Asia-Pacific region

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GOST

Volodina A. O., Trachenko M. B., Starodubtsyeva E. B. A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions // . 2026. pp. 92-106. DOI: https://doi.org/10.52957/2221-3260-2025-12-92-106. (Date of access 20.08.2026).

MLA

Anastasiya Volodina, Trachenko M. B., Starodubtsyeva E. B.. "A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions." (2026): 92-106. DOI: https://doi.org/10.52957/2221-3260-2025-12-92-106.

APA

Volodina A. O., Trachenko M. B., Starodubtsyeva E. B. (2026). A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions. , 92-106. https://doi.org/10.52957/2221-3260-2025-12-92-106

Chicago

Anastasiya Volodina, Trachenko M. B., Starodubtsyeva E. B.. "A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions." , no. (2026): 92-106. https://doi.org/10.52957/2221-3260-2025-12-92-106.

WIKI

{{cite journal | author = Volodina A. O., Trachenko M. B., Starodubtsyeva E. B. | title = A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions | journal = | year = 2026 | pages = 92-106 | doi = 10.52957/2221-3260-2025-12-92-106 }}

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A STUDY OF THE DEPENDENCE OF STOCK MARKETS IN THE ASIA-PACIFIC REGION ON COUNTRIES IN OTHER REGIONS A study of the dependence of stock markets in the Asia-Pacific region on countries in other regions

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