Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated?
Authors: Cynthia Ho Szee Yah Dinh Thi Quynh Anh Supervisor: Per Nilsson
Student Umeå School of Business Autumn semester 2010 Master thesis, two-year, 30 hp Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated?
Anh Dinh Cynthia Ho Abstract Supported by the investment barriers removal, financial deregulation and improved macroeconomic policies during the last three decades, the process of financial integration in those markets, emerging markets in general and emerging markets within Asia Pacific Economic Cooperation (APEC) in particular, has been pro actively accessed these days. Moreover, recent trend in globalization in many APEC countries and especially in the emerging markets has triggered a stronger financial integration progress across countries. Nevertheless, it is surprising to find that these countries not only benefited from regional financial integration but also experienced global financial integration in the same period. Markets over the last two decades, which have been highlighted by financial crises occurred among those APEC emerging countries in the early of the year 1997, have raised political, social and economic questions. One of prominent questions among them: “Are emerging markets in APEC regionally or globally integrated?” has raised our interest