Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/169001
Authors: 
Bozkurt, Ibrahim
Akman, Engin
Year of Publication: 
2016
Citation: 
[Journal:] Amfiteatru Economic Journal [ISSN:] 2247-9104 [Volume:] 18 [Year:] 2016 [Issue:] 42 [Pages:] 269-285
Abstract: 
The aim of this study is to investigate the determinants of integration between stock market of Romania and other stock markets of European Union (EU) countries. Correlations between the stock returns represent the level of integration between the stock markets. Empirical analysis are performed with daily stock returns of 24 EU members including Romania for 2002-2012 period using panel data gravity models and correlations are investigated. Findings reveal that the following factors have significant and robust effects on the financial integration process of Romania with other 23 EU members; (i) EU membership, (ii) bilateral trade, (iii) GDP per capita, (iv) 2012 sovereign debt crisis and (v) East European location. The results emphasize that intensifying economic relations with EU members can contribute the integration of Romanian stock market with other EU members.
Subjects: 
financial integration
European Union
Romania
gravity model
stock markets
JEL: 
F36
F21
F30
G15
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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