International Market Integration: A Survey

Asia-Pacific Journal of Financial Studies, Forthcoming

49 Pages Posted: 25 Mar 2020

See all articles by Amir Akbari

Amir Akbari

Ontario Tech. University

Lilian Ng

Schulich School of Business, York University; European Corporate Governance Institute (ECGI)

Date Written: March 1, 2020


Market integration is a canonical topic in international finance. The question of whether and to what extent markets are integrated with the global economy has motivated one of the largest literature in this field. Given the vast literature, this survey focuses only on equity market integration and provides an overview of its theoretical and empirical research. It reviews the evolution of various approaches employed in studying market integration. This survey discusses the recent empirical findings on cross-sectional and time-series dynamics of integration across developed and emerging markets. It also describes the empirical estimation of three current measures of market integration and discusses their limitations. Finally, the survey provides a few future directions for this line of research.

Keywords: International Finance, Market Integration, Segmentation

Suggested Citation

Akbari, Amir and Ng, Lilian, International Market Integration: A Survey (March 1, 2020). Asia-Pacific Journal of Financial Studies, Forthcoming, Available at SSRN:

Amir Akbari (Contact Author)

Ontario Tech. University ( email )

2000 Simcoe Street North
Oshawa, Ontario L1H 7K4


Lilian Ng

Schulich School of Business, York University ( email )

N223, Seymour Schulich Building
4700 Keele Street
Toronto, Ontario ON M3J 1P3
+1.416.736.2100 x77994 (Phone)

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels

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