University of Piraeus. International Strategic Management Association
Abstract
Globalization brought increased attention to stock markets throughout the
world. As a straightforward consequence of the economic integration between the
European country members, the stock markets of these countries are expected to
follow a path of steadily increasing integration due to the gradual intensification of
the economic and monetary integration. However the establishment of EMU and the
introduction of the common currency do not have the same effect on the European
stock markets. The members of EMU were at different point of readiness when the
final decision had been taken since many countries in EU were already taking part in
other kind of integration initiatives. The main aim of this study is to analyze daily data
of selected European stock markets in an attempt to point out significant changes in
the degree of market integration among different stock markets using different
econometric techniques.peer-reviewe