Testing Stock Market Price Index Convergence: Evidence from OECD Countries
The stock market is one of the most important infrastructures for economic development in developing and developed countries. The convergence of stock market returns reflects the interdependence of the economies of countries and the mobility of capital among them. This study aims to test the stock m...
| Main Authors: | , , |
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| Format: | Article |
| Language: | fas |
| Published: |
Allameh Tabataba'i University Press
2018-12-01
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| Series: | فصلنامه پژوهشهای اقتصادی ایران |
| Subjects: | |
| Online Access: | https://ijer.atu.ac.ir/article_10151_4a60a8e9a63555db17196d1034b7fd9d.pdf |
| Summary: | The stock market is one of the most important infrastructures for economic development in developing and developed countries. The convergence of stock market returns reflects the interdependence of the economies of countries and the mobility of capital among them. This study aims to test the stock market price index convergence between OECD countries Philips and sul (2007) methodology over the period January 2007-Februrary 2017. The results show that the stock markets do not form a convergent cluster. However, there are three convergent clubs with one divergent market, Luxemburg. Also, the result of convergence test among clusters represents that the first and second clusters form a convergent cluster. |
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| ISSN: | 1726-0728 2476-6445 |