Journal
JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT
Volume 35, Issue -, Pages 79-92Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.mulfin.2016.03.001
Keywords
Asia; Emerging markets; Financial development; Stock market integration; International trade integration
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Funding
- Faculty of Economics at Khon Kaen University
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This paper provides an analysis of the influence of financial development and international trade integration on stock market integration. Using a panel sample of 15 developed and developing countries in Asia over the period 1985-2013, we show that a country's financial development has a positive effect on its stock market integration with the world's stock market, and that a country's international trade integration is not associated with its stock market integration with the world's stock market. In addition, the degree of bilateral stock market integration cannot be explained by variation in bilateral international trade integration. (C) 2016 Elsevier B.V. All rights reserved.
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