01831cas a2200253 a 4500 AALejournalIMF008299 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451856743 1018-5941 BD-DhAAL BD-DhAAL Brooks, Robin. The Rise in Comovement Across National Stock Markets : Market Integration or Global Bubble? / Robin Brooks, Marco Del Negro. Washington, D.C. : International Monetary Fund, 2002. 1 online resource (23 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The degree of comovement across national stock markets has increased dramatically since the mid-1990s. This has overturned a stylized fact in the international portfolio diversification literature that diversifying across countries is more effective for risk reduction than diversifying across industries. We investigate if this rise in comovement is a permanent phenomenon driven by greater economic and financial integration, or a temporary effect associated with the recent stock market bubble. At the global level, our results point to the bubble. At a regional level, we find evidence of a significant rise in market integration within Europe, possibly a reflection of institutional changes such as the EMU. Mode of access: Internet Del Negro, Marco. IMF Working Papers; Working Paper ; No. 2002/147 Full text available on IMF http://elibrary.imf.org/view/journals/001/2002/147/001.2002.issue-147-en.xml IMF e-Library