In this paper we studied the impact of the integration of emerging markets in a portfolio composed initially of developed markets. The sample is composed of seven stock indices of developed markets and nine emerging market stock indices. Our main conclusions are the following. First, a study of...

Using country-to-country data, this paper documents a set of novel stylized facts about the rise of the South in global finance. The paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment in debt and equity, foreign direct investment, and...