Financial Market Integration in India: Conceptual and Empirical Issues

Alpana Vats

The IUP Journal of Applied Economics, 2008, vol. VII, issue 4, pages 52-72

Abstract: The Indian market which was known to be segmented mainly due to regulatory and institutional barriers in the early 1990s has been gradually liberalized and opened up for the world economy. Various studies have been carried out to examine the effect of liberalization on financial market integration of the country. The present study gives a comprehensive review of the past literature on the subject and takes stock of the methodologies that are employed in the various studies. A range of studies to investigate the convergence of markets within India and also their convergence with the world markets seem to have mixed results. Despite the mixed results, it is observed that the financial sector reforms have been successful in strengthening the interlinkages between the markets.

Date: 2008

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Persistent link: http://EconPapers.repec.org/RePEc:icf:icfjae:v:07:y:2008:i:4:p:52-72

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