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Stock Market Interl inkages in Emerging Markets

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  • Ayaz Ahmed

    (Pakistan Institute of Development Economics, Islamabad)

Abstract

This study analyses stock price co-movements in a sample of fifteen emerging markets in Asia and Latin America using monthly data over the period January 1990 to December 1996. In addition interlinkages of the emerging stock markets with the world, regional and leading country markets are also studied. The first major result of the study is that in the short. period stock market interlinkages are quite strong. The markets within Asia as well as Latin America are closely interlinked. Furthermore, there is also some evidence of inter-relationship across the Asian and Latin American markets, though the intra-continental co-movements in stock prices are stronger than the inter-continental co-movements. Our second major result is that in the short run the markets are closely inter-related but the relationships are unstable, while in the long run the relationships becomes more stable but weaker at the same time.

Suggested Citation

  • Ayaz Ahmed, 1998. "Stock Market Interl inkages in Emerging Markets," PIDE-Working Papers 1998:159, Pakistan Institute of Development Economics.
    • Handle: RePEc:pid:wpaper:1998:159
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    References listed on IDEAS

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    Cited by:

    1. Dawood Mamoon & Eatzaz Ahmad, 2008. "Macroeconomic Uncertainty of the 1990s and Volatility at Karachi Stock Exchange," The IUP Journal of Financial Economics, IUP Publications, vol. 0(3), pages 7-28, September.
    2. Waleed Khalid & Kashif Ur Rehman & Muhammad Kashif, 2019. "The Impact of Merger and Acquisition Firms on Stock Market Bubble," Global Regional Review, Humanity Only, vol. 4(1), pages 335-342, March.
    3. Nadeem Ul Haque & Musleh-ud Din & Lubna Hasan, 2007. "Research at PIDE: Key Messages," PIDE Books, Pakistan Institute of Development Economics, number 2007:2, December.
    4. A.R. Kemal & Zafar Mahmood, 1998. "Characteristics of the Workers in the Urban Informal Sector of Pakistan," PIDE Research Report 1998:160, Pakistan Institute of Development Economics.

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