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Cross-country dependence and financial integration in the last 150 years

Author

Listed:
  • Nektarios Aslanidis

    (Universitat Rovira I Virgili, ECO SOS)

  • Charalampos Papadakis

    (Universitat Rovira I Virgili, ECO SOS)

Abstract

Over the last two centuries, the international financial system has undergone significant developments, with key historical events shaping financial markets and economies worldwide. We offer a new long-term perspective on international financial market integration using a flexible dynamic panel approach that accommodates heterogeneous slope coefficients while accounting for cross-country dependence. Our analysis uncovers several interesting findings. For real long-term interest rates, we observe a distinct U-shaped pattern. In contrast, the integration of global financial markets for equities has significantly increased in recent years. Additionally, long-term nominal interest rates and bond markets have become considerably more integrated since the Bretton Woods era, exhibiting a J-shaped pattern throughout the period under study.

Suggested Citation

  • Nektarios Aslanidis & Charalampos Papadakis, 2025. "Cross-country dependence and financial integration in the last 150 years," Empirical Economics, Springer, vol. 69(4), pages 1779-1820, October.
    • Handle: RePEc:spr:empeco:v:69:y:2025:i:4:d:10.1007_s00181-025-02808-y
    DOI: 10.1007/s00181-025-02808-y
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    Keywords

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    JEL classification:

    • F2 - International Economics - - International Factor Movements and International Business
    • F3 - International Economics - - International Finance
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • N2 - Economic History - - Financial Markets and Institutions
    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables

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