金融市场一体化程度的衡量方法及评价

The Measurement Approach of Financial Market Integration and Its Evaluation

金融市场一体化条件下,各国金融市场的利率决定机制相互影响制约,相同的金融工具在不同市场上的价格趋于一致,全球的金融市场几乎不存在套利机会。它是金融自由化和金融国际化发展的结果,也是金融全球化的最重要体现。目前,有关金融市场一体化程度衡量的研究仍处于不断的发展当中,本文将择要介绍以为此项工作提供思路。

Financial market integration, as the result of financial liberation and financial internationalization, is an important part of financial globlization. With the integration of financial market, interest rate interacts each other and the price of the comparable financial instrument in different markets tends to be equal, no arbitrage chance can be found in the whole world financial market. This paper surveys the recent literature on financial market integration, and concludes with comments and suggestions for each research.