This paper provides further evidence on financial integration among MENA and developed the US stock markets between 2000 and 2015. This paper employs Zivot and Andrews (1992) and Bai and Perron (2003) methods to test for single and multiple structural breaks in MENA markets, respectively, along...

The integration and/or segmentation of the ASEAN6 capital markets can provide guidance for investment diversification. Thus, this paper attempts to investigate the integration of the ASEAN6 industries with their international benchmarks using various regression models. Ten industries classified...

Capital outflows after financial integration can lead to simultaneous increases in the national savings rate and asset prices in an economy with substantial financing costs. Under autarky, firms invest in risky capital while facing a borrowing constraint that creates a need for precautionary...

Given the rapidly evolving nature of financial globalization, this paper models and predicts financial integration in a changing world. By decomposing integration into global risk, local risk and estimation risk, we argue that greater integration is mainly driven by global factors, not...

This paper presents indices of return and performance dispersion between ten developed domestic stock markets of the euro area to assess progress in their integration since the launch of the single currency. This approach is based on previous literature according to which domestic financial...

We study the role of international financial integration in buffering natural disaster shocks, using a large sample of advanced and emerging economies. Conditioning on such exogenous events addresses the endogeneity between financial structures and economic conditions. We document that...

This paper reviews the East Asian experience with financial integration, how economies in the region have responded to shocks, and what they may do to continue to thrive in the future. It discusses openness to capital flows as a key aspect of financial integration, briefly considering the...

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...

Using both quantity- and price-based measures of financial integration, this paper shows an increasing degree of financial openness and integration in emerging Asian markets. This paper also assesses the impact of a regional shock relative to a global shock on local equity and bond markets. The...

Numerous recent studies, e.g. EU Commission (2004a), Baele et al. (2004), Adam et al. (2002), and the research pooled in ECB-CFS (2005), Gaspar, Hartmann, and Sleijpen (2003), have documented progress in EU financial integration from a micro-level view. This paper contributes to this research by...