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International Financial Markets Integration or Segmentation: A Case Study of Equity Markets

Author

Listed:
  • Puja Guha

    (Delhi School of Economics)

  • Shivani Daga

    (Delhi School of Economics)

  • Richa Gulati

    (Delhi School of Economics)

  • Ganita Bhupal

    (Delhi School of Economics)

  • Hena Oak

    (Delhi School of Economics)

Abstract

Over the past 15 years, financial markets have become increasingly global. The relationship among the equity markets of the developed and the emerging countries has been examined extensively in the literature. This paper studies the interdependence among the major stock markets of the world. Using the monthly data from January 1993 to September 2003, we examine the stock market indices of India (Sensex), Hong Kong (Hang Seng), the USA (DJIA) and the UK (FTSE-100). Co-integration technique has been employed to study the long-term linkages among the markets. We found that the equity markets of India and Hong Kong are co-integrated with the other markets whereas the markets of the USA and UK are not.

Suggested Citation

  • Puja Guha & Shivani Daga & Richa Gulati & Ganita Bhupal & Hena Oak, 2004. "International Financial Markets Integration or Segmentation: A Case Study of Equity Markets," Finance 0412013, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpfi:0412013
    Note: Type of Document - doc; pages: 18
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/fin/papers/0412/0412013.doc
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    Cited by:

    1. Stavarek, Daniel & Repkova, Iveta & Gajdosova, Katarina, 2011. "Theory of financial integration and achievements in the European Union," MPRA Paper 34393, University Library of Munich, Germany.
    2. Ines Kersan Škabiæ, 2016. "Empirical Evidence of Capital Mobility in the EU New Member States," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 19(SCI), pages 29-42, December.

    More about this item

    Keywords

    Direct financial integration; segmentation; co-integration;
    All these keywords.

    JEL classification:

    • G - Financial Economics

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