This paper investigates the effects of the ongoing changes in industrial structures arising from technology evolution and financial liberalization on the correlations of international equity markets. Results point to the greater influence of industry structures on the international co-movements...

We investigate the presence of financial linkages between Turkey and Greece. In particular, we estimate bivariate vector error correction systems between the Greek and Turkish stock markets and then between the Greek Drachma and the Turkish Lira to test for long and short run causality and...