Impact of Economic Policy of Advanced Country on Emerging Country Period 2015-2020

Abstract

 This research was conducted to determine whether there was cointegration during the pandemic in 2020 (Covid - 19) which resulted in the emergence of new economic policies that had an impact on developing countries. In particular, stock exchanges in developing countries will definitely have an impact, therefore this research was conducted with a sample of Indonesia as a developing country and the United States, Germany, China as a sample of developed countries. The analysis used in this research is descriptive statistical test, correlation test, root test, unit test and cointegration. And the research results show that the Indonesian capital market has been integrated with the capital markets of the United States, Germany, China. The Indonesian capital market also has cointegration with the US capital market. However, the Indonesian capital market is not integrated with the German capital market and the Indonesian capital market is not integrated with the Chinese capital market.