The article analyses the level of financial markets development in a sample of 42 countries and compare such level with economic, international integration and cultural characteristics of these countries. The results show that greater international integration, lower inflation, greater focus on...

The flow of information between financial markets is an issue that has attracted considerable attention in the empirical finance literature. In order to examine interrelation among different types of financial markets i.e. Capital Market, derivative market, Money Market and Foreign Exchange...