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Globalisation des marchés de capitaux et valorisation des actifs financiers

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  • Dominique Pépin

Abstract

This paper examines changes in equities pricing following liberalization or globalization of capital markets. The usual comparison between models of market (mild) segmentation with models of market integration shows that liberalization imply the rise in the equities prices. We show that this result does not hold in a more general model. By taking into account the manyfold and simultaneous features of globalization process on capital markets, we can infirm this proposition and the one which maintains that the more globalized capital markets are, the more integrated they are. Classification JEL : G12, G15, F36

Suggested Citation

  • Dominique Pépin, 2004. "Globalisation des marchés de capitaux et valorisation des actifs financiers," Revue économique, Presses de Sciences-Po, vol. 55(2), pages 207-226.
    • Handle: RePEc:cai:recosp:reco_552_0207
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    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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