The Impact of Financial Crisis on Stock Market Integration: A Review of Emerging Stock Markets

Abstract

This paper presents a systematic review of peer reviewed primary research papers based on integration of the stock market and effect of the financial crisis on integration. This research conducts systematic review of peer reviewed papers from Wiley online, Science direct, Scopus, Emerald-insight and Proquest database in the past 20 years (January 2000-December 2018). The study depicts the effect of financial shocks in two ways. One is the impact of financial shock on integration of the stock market. And another, the effect of the financial shocks on emerging markets, as one of the most alluring markets for global investors in the context of stock market integration. The study provides insights on the driving force of stock market integration and issues and methodologies related to integration which proliferates future research agendas in this field.