Original Article
International Market Integration: A Survey
Correction(s) for this article
-
Erratum
- Volume 50Issue 1Asia-Pacific Journal of Financial Studies
- pages: 110-111
- First Published online: March 16, 2021
Amir Akbari,
Lilian Ng,
Corresponding Author
Amir Akbari
Faculty of Business and IT, Ontario Tech. University, Canada
Corresponding author: Faculty of Business and IT, Ontario Tech. University, Oshawa, ON, Canada. Tel: +1-905-721-8668, email: amir.akbari@ontariotechu.ca.
Search for more papers by this authorAmir Akbari,
Lilian Ng,
Corresponding Author
Amir Akbari
Faculty of Business and IT, Ontario Tech. University, Canada
Corresponding author: Faculty of Business and IT, Ontario Tech. University, Oshawa, ON, Canada. Tel: +1-905-721-8668, email: amir.akbari@ontariotechu.ca.
Search for more papers by this author[Correction added on 20th January 2021, after first online publication: Figures 1, 2, and 3 were replaced with correct version]
Abstract
Market integration is a canonical topic in international finance. The question of whether and to what extent markets are integrated with the global economy has motivated one of the largest literatures in this field. Given this vast body of research, this survey shall only focus on the theoretical and empirical studies on one aspect of market integration – equity market integration. It reviews the evolution of various approaches employed in studying market integration. This survey discusses the recent empirical findings on cross-sectional and time-series dynamics of integration across developed and emerging markets. It also describes the empirical estimation of three current measures of market integration and discusses their usefulness as well as limitations. Finally, the survey provides a few future directions for this line of research.
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