Market Integration between Turkey and Eurozone Countries

Nicholas Apergis (), Chi Keung Lau, Fatma Öğücü Şen and Shixuan Wang

Emerging Markets Finance and Trade, 2021, vol. 57, issue 9, 2674-2686

Abstract: This study examines the degree of integration of the Turkish economy and European markets as well as the nature of price convergences across major cities for common categories of goods. A series of unit root tests are performed to assess these price convergences by considering non-linearity, cross-sectional correlations, and structural breaks. We find that the Turkish and European markets are well-integrated. Moreover, Turkey’s highest rate of convergence occurs in the fresh fruits and vegetables (supermarkets) and canned goods (mid-priced stores) categories, suggesting arbitrage activities exist across common categories of goods.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:57:y:2021:i:9:p:2674-2686

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DOI: 10.1080/1540496X.2019.1658070

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