Descriptive statistics of the model (7).

This study examines the market return spillovers from the US market to 10 Asia-Pacific stock markets, accounting for approximately 91 per cent of the region’s GDP from 1991 to 2022. Our findings indicate an increased return spillover from the US stock market to the Asia-Pacific stock market over time, particularly after major global events such as the 1997 Asian and the 2008 global financial crises, the 2015 China stock market crash, and the COVID-19 pandemic. The 2008 global financial crisis had the most substantial impact on these events. In addition, the findings also indicate that US economic policy uncertainty and US geopolitical risk significantly affect spillovers from the US to the Asia-Pacific markets. In contrast, the geopolitical risk of Asia-Pacific countries reduces these spillovers. The study also highlights the significant impact of information and communication technologies (ICT) on these spillovers. Given the increasing integration of global financial markets, the findings of this research are expected to provide valuable policy implications for investors and policymakers.本研究考察了1991年至2022年间，美国市场对10个亚太股票市场的收益溢出效应，上述10个市场的GDP总和约占该区域总GDP的91%。研究结果显示，美国股市对亚太股票市场的收益溢出效应随时间推移不断增强，尤其在1997年亚洲金融危机、2008年全球金融危机、2015年中国股市崩盘以及新冠疫情（COVID-19 pandemic）等重大全球事件发生后更为显著。上述重大全球事件中，2008年全球金融危机的影响最为显著。此外，研究结果还表明，美国经济政策不确定性与美国地缘政治风险，会显著影响美国向亚太市场的收益溢出效应。与之相对，亚太国家自身的地缘政治风险则会削弱此类溢出效应。本研究还着重指出了信息与通信技术（information and communication technologies，ICT）对这类溢出效应的显著影响。鉴于全球金融市场一体化程度不断加深，本研究的结果可为投资者与政策制定者提供极具价值的政策启示。