Stock Market Integration and the Global Financial Crisis
Abstract
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.
Main Author
Format
Articles
Research article
Published
2015
Series
Subjects
Publication in research information system
Publisher
Oxford University Press; European Finance Association
The permanent address of the publication
https://urn.fi/URN:NBN:fi:jyu-201510023301Käytä tätä linkitykseen.
Review status
Peer reviewed
ISSN
1572-3097
DOI
https://doi.org/10.1093/rof/rfu039
Language
English
Published in
Review of Finance
Citation
- 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
License
Copyright© Oxford University Press. This is a final draft version of an article whose final and defenitive form has been published by Oxford University Press.