NBER

Cécile Bastidon

LEAD, Université de Toulon
Faculté des Sciences Economiques
70 Avenue Roger Devoucoux
Toulon 83000
France

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliations: LEAD, Université de Toulon and and CAC-IXXI, ENS Lyon

NBER Working Papers and Publications

August 2019Towards an Unstable Hook: The Evolution of Stock Market Integration Since 1913
with Michael Bordo, Antoine Parent, Marc Weidenmier: w26166
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 surpass...

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