How Much Globalization Is There in the World Stock Markets and Where Is It?

Gianni Nicolini and Ekaterina Dorodnykh

Chapter 3 in Asset Pricing, Real Estate and Public Finance over the Crisis, 2013, pp 38-55 from Palgrave Macmillan

Abstract: Abstract The effects of globalization in the world economy, and its role within financial markets, were widely analysed in the literature (Shahrokhi, 1998; Aggarwal, 1999; Kearney and Poti, 2006; Eun and Lee, 2010; Aggarwal et al., 2010). The pros and cons of international economic and financial framework, featured by common trends and higher similarities, were considered from different perspectives. Moreover, different concepts and definitions of globalization were provided as well. In the literature, the hypothesis that globalization is growing within world economies is commonly adopted by many scholars, however, there are only a few papers that tried to analyse this phenomenon in a comprehensive manner. Thus, if the presence of globalization in financial markets could be considered as commonplace, the need to evaluate the relevance and the developing path of this phenomenon is quite clear. In this paper, the authors try to fill this gap, providing both (1) a measure of globalization within financial markets around the world in order to understand the main trends, and (2) an analysis of single geographical areas in order to understand if globalization is developing as a homogeneous phenomenon or if, on the contrary, globalization effects are stronger in some stock markets than in others.

Keywords: Stock Market; Stock Exchange; Equity Market; Market Integration; Correlation Index (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-29377-0_4

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137293770

DOI: 10.1057/9781137293770_4

Access Statistics for this chapter

More chapters in Palgrave Macmillan Studies in Banking and Financial Institutions from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().