The patterns of dynamic linkages are examined among national stock prices of four Asian Newly Industrializing Countries stock markets - Taiwan, South Korea, Singapore and Hong Kong - in models incorporating the established markets of Japan, USA, UK and Germany. Recent time-series techniques are...

In this article we employ tests of noncausation to measure the impact of financial development on 34 developing countries experiencing vastly different stages of economic development and covering annual observations over the period 1960-2009 for most countries. Focusing on the dual role of...