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A Survey of Literature on Measurement of Financial Integration: Need, Challenges, and Classification

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  • Rakesh Padhan
  • K. P. Prabheesh

Abstract

Through a survey of literature in the measurement of financial integration (FI), this study explores the historical footprints on the measurement of financial integration, key issues, and challenges. We document the evolution of measurements during 1980–2018 and extend the measurement classification with specific criteria associated with the measurements. Furthermore, this study identifies the strength and weaknesses of existing measurements and highlights the need and criteria for choosing an appropriate measure. Finally, our study concludes that as one of the pillars of globalization, appropriate quantification of FI is a major challenge and crucial for monitoring the level and effect of FI for an economy.

Suggested Citation

  • Rakesh Padhan & K. P. Prabheesh, 2022. "A Survey of Literature on Measurement of Financial Integration: Need, Challenges, and Classification," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(3), pages 790-811, February.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:3:p:790-811
    DOI: 10.1080/1540496X.2021.1911802
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