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Iberian Financial Integration

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  • Bernardino Adão

Abstract

Pricing discrepancies in the Iberian stock market are assessed. The estimation results suggest three conclusions. When considered individually each of the three stock markets considered, Frankfurt, Lisbon and Madrid Stock Exchanges, constitutes an almost perfectly integrated market. Even though the achieved level of integration between the three pairs of the stock markets considered is large, it can be improved upon. The level of integration achieved by the Iberian stock markets is lower than the one achieved between each Iberian market and the Frankfurt market.

Suggested Citation

  • Bernardino Adão, 1999. "Iberian Financial Integration," Working Papers w199905, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:w199905
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/wp199905.pdf
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