| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26166 |
| 来源ID | Working Paper 26166 |
| Towards an Unstable Hook: The Evolution of Stock Market Integration Since 1913 | |
| Cécile Bastidon; Michael Bordo; Antoine Parent; Marc Weidenmier | |
| 发表日期 | 2019-08-19 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We examine equity market integration for 17 countries from 1913-2018. We use network analysis to measure the evolution of global stock market integration as well as stock market integration between and across countries. The empirical results suggest that long-run stock market integration looks like an unstable hook. Equity market integration first peaked in 1913 during the first era of globalization (1870-1913) when unfettered markets ruled the day. Integration declined over the next 60 years as countries experienced the Great Depression and shunned international capital markets. The end of the Bretton Woods system in the early 1970s ushered in the second period of globalization. Our empirical analysis suggests that stock market integration in the recent period of globalization has surpassed the first era of globalization in the last 10 years and currently has the highest level of equity market integration and network instability in world history. |
| 主题 | Econometrics ; Estimation Methods ; International Economics ; International Finance ; Financial Economics ; Financial Markets ; History ; Financial History |
| URL | https://www.nber.org/papers/w26166 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583840 |
| 推荐引用方式 GB/T 7714 | Cécile Bastidon,Michael Bordo,Antoine Parent,et al. Towards an Unstable Hook: The Evolution of Stock Market Integration Since 1913. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26166.pdf（1331KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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