The profit from international diversification to eliminate risks has caused investors to spread their capital to different international stock exchanges. The dynamic relations among stock exchanges indicate the presence of one or two-way relations among the stock exchanges. This happens because of the interdependence and integration that takes place among stock exchanges, such as interdependence among Asian markets.  This research aims to analyze and discuss co-integration and co-movement between Asian stock price index and Indonesia. The research design used Vector Error Correction Model. The results of this research prove that in the short-term, there is a relationship between Kuala Lumpur Composite Index, Stock Exchange of Thailand Index, and Hang Seng Index against Jakarta Composite Index. In the results of co-integration test, there are co-integration and co-movement between the capital markets of Malaysia, Thailand, South Korea, Japan, Singapore, and Hong Kong with Indonesia capital market.

中文翻译：

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亚洲股票价格指数与雅加达综合指数的协整联动

国际多元化以消除风险的利润导致投资者将资金分散到不同的国际证券交易所。证券交易所之间的动态关系表明证券交易所之间存在单向或双向关系。这是因为证券交易所之间的相互依赖和整合，例如亚洲市场之间的相互依赖。本研究旨在分析和讨论亚洲股票价格指数与印度尼西亚之间的协整和联动。研究设计采用矢量纠错模型。这项研究的结果证明，在短期内，吉隆坡综合指数、泰国证券交易所指数和恒生指数与雅加达综合指数之间存在关系。在协整检验的结果中，