Are stock exchanges integrated in the world? - A critical Analysis

Vijay Varadi () and Boppana Nagarjuna ()

MPRA Paper from University Library of Munich, Germany

Abstract: In the recent rapid reforms made the global into a global village in nature and in terms of efficiency, transparency. The information flow in one market may affect the other markets in the world, because of its integration. In this regard, this paper explores the objective whether there is any integration of markets taken place or not. For reaching the objective, we have used rigorous time series techniques for the equal period of data (1st January, 2001 to 30th April, 2009) of 17 stock exchanges in the world, which includes Asia, Europe, north America, Latin America etc.,. Our findings are markets within the region are well integrated both in terms of short run and long run equilibrium, because of its less cross-country restrictions. Many of the markets are showing granger causal relations between each other.

Keywords: Stock Markets; Cointegration; Economic Reforms (search for similar items in EconPapers)
JEL-codes: C12 C22 E44 G00 G15 (search for similar items in EconPapers)
Date: 2009-05
New Economics Papers: this item is included in nep-fmk and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:15902

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