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- Title
MEASURING INTEGRATION OF CAPITAL MARKET INDICES ACROSS WORLD.
- Authors
Arora, Anju; Kamboj, Rewa
- Abstract
An array of measures aimed at relaxation of the restrictions on international flow of capital markets and trade have been taken in most of the developed and developing countries. The worldwide policy changes and initiatives are expected to display a deep impact on the capital market indices such that their movements must be in tandem. The study closely examines the extent of integration of capital market indices across the major countries of the world. Main findings: While S&P 500, Nasdaq, Dow Jones, Dax Index, BSE 30 and CAC 40 index have shown strong positive co relationship among themselves, indices like Shanghai, TSXE and Nikkei have displayed almost nonexistent coherency with other stock indices. Bovespa, Hang Seng, BSE 30 and DAX index seems to have a tangent influence on each other's stock prices. RTSI has portrayed certain movements in tandem with Hang Seng and Bovespa but no relationship with other indices. Thus, the study concluded safely that the markets do react to global cues and any happening in the global scenario be it macroeconomic or country specific (foreign trade channel) affect the various markets.
- Subjects
NIKKEI 225; CAPITAL market; STANDARD &; Poor's 500 Index; CAPITAL movements; STOCK price indexes; INTERNATIONAL trade
- Publication
OORJA - International Journal of Management & IT, 2019, Vol 17, Issue 1, p11
- ISSN
0974-7869
- Publication type
Article