Stock Market Integration and the Global Financial Crisis
Lehkonen, H. (2015). Stock Market Integration and the Global Financial Crisis. Review of Finance, 19(5), 2039-2094. https://doi.org/10.1093/rof/rfu039
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Review of FinanceAuthors
Date
2015Copyright
© Oxford University Press. This is a final draft version of an article whose final and defenitive form has been published by Oxford University Press.
We study the dynamics of stock market integration and its consequences during the recent
financial crisis for 23 developed and 60 emerging markets. We find that integration increased
slightly for emerging markets but decreased for developed countries during the crisis.
Moreover, we argue that the high degree of integration propagated the crisis across the global
financial markets at the beginning of the crisis, but it had little effect during the crisis. We
also find that integration is mostly affected by financial openness, the institutional
environment and global financial uncertainty but that these determinants vary slightly
between emerging and developed markets.
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Oxford University Press; European Finance AssociationISSN Search the Publication Forum
1572-3097Keywords
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https://converis.jyu.fi/converis/portal/detail/Publication/24434157
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