The return spillover from the USA to all Asian Stock markets was significant during the Chinese crisis. This implies that US stock market prices played an important role in predicting the prices of all Asian stock markets during the Chinese stock market crash. Moreover, the return spillover from Asia to the US stock market was insignificant. The coefficient of past shock was insignificant in the majority of Asian markets except for in India, Korea, and Malaysia. The sensitivity of past own shocks of the USA was insignificant in most of the cases. In addition, the coefficient of past own volatility significantly affected the conditional volatility of all Asian markets.

在中国金融危机期间，美国对所有亚洲股市的回报溢出效应显著。这意味着，在中国股市崩盘期间，美国股市价格在预测所有亚洲股市价格方面发挥了重要作用。此外，从亚洲到美国股市的回报外溢也微不足道。除印度、韩国和马来西亚外，过去的冲击系数在大多数亚洲市场都不显著。在大多数情况下，美国过去自身冲击的敏感性并不显著。此外，过去自身波动系数显著影响所有亚洲市场的条件波动。