Market integration is a canonical topic in international finance. The question of whether and to what extent markets are integrated with the global economy has motivated one of the largest literatures in this field. Given this vast body of research, this survey shall only focus on the theoretical and empirical studies on one aspect of market integration – equity market integration. It reviews the evolution of various approaches employed in studying market integration. This survey discusses the recent empirical findings on cross‐sectional and time‐series dynamics of integration across developed and emerging markets. It also describes the empirical estimation of three current measures of market integration and discusses their usefulness as well as limitations. Finally, the survey provides a few future directions for this line of research.

中文翻译：

---

国际市场整合：调查

市场整合是国际金融中的经典话题。市场是否以及在何种程度上与全球经济一体化的问题激发了该领域最大的文献之一。鉴于这一庞大的研究领域，本次调查应仅侧重于市场整合的一个方面（股权）的理论和实证研究。市场整合。它回顾了研究市场整合所采用的各种方法的演变。这项调查讨论了有关发达和新兴市场上整合的横截面和时间序列动力学的最新实证研究结果。它还描述了对三种当前市场整合度量的经验估计，并讨论了它们的有用性和局限性。最后，该调查为这方面的研究提供了一些未来的方向。