In recent decades, as integration of global trade and investment has accelerated, many countries both developing and developed have experienced widening disparities of output and income across regions within their borders. The emergence of entrenched 'leading' and 'lagging' regions is becoming...

This paper employs a price-based measure of integration, namely stock return differentials between ten emerging Asian economies and the US (as an indicator of global integration), as well as Japan and the Asian region (as two alternative indicators of regional integration), to test for mean...