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The Degree Of Participation In The Global Market - A Financial Markets Globalisation Criterion

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  • Ioana Duca
  • Ion Pârgaru
  • Florin Văduva

Abstract

We can measure the globalisation tendency of financial markets by means of several criteria - the degree of financial openness, the degree of financial integration and the degree of participation in the global financial market. This study aims at analysing the degree of participation in the global market as a Financial Markets Globalisation Criterion based on indicators such as the amount of issuing on the international markets, the number of cross listing, the percentage of foreign investments into the GDP etc. We can conclude that although we cannot talk about a global financial market yet, the intensity and extent of the cross-border financial activity indicates an evolution in this direction. Yet, the process does not have a linear trend.

Suggested Citation

  • Ioana Duca & Ion Pârgaru & Florin Văduva, 2009. "The Degree Of Participation In The Global Market - A Financial Markets Globalisation Criterion," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(11), pages 1-17.
    • Handle: RePEc:alu:journl:v:2:y:2009:i:11:p:17
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    References listed on IDEAS

    as
    1. Bong‐Chan Kho & René M. Stulz & Francis E. Warnock, 2009. "Financial Globalization, Governance, and the Evolution of the Home Bias," Journal of Accounting Research, Wiley Blackwell, vol. 47(2), pages 597-635, May.
    2. Kang, Jun-Koo & Stulz, Rene M., 1997. "Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan," Journal of Financial Economics, Elsevier, vol. 46(1), pages 3-28, October.
    3. Alicia Garcia-Herrero & Philip Wooldridge, 2007. "Global and regional financial integration: progress in emerging markets," BIS Quarterly Review, Bank for International Settlements, September.
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    More about this item

    Keywords

    degree of participation in the global financial market; international financial markets; Euromarkets; home bias;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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