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Testing for Stock Market Integration in a Developing Economy: Colombia
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Gutiérrez Ramírez, Luis Hernando
Otero Cardona, Jesús Gilberto
Fecha
2006-08
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Universidad del Rosario
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Abstract
This paper examines the linkage between two parallel stock exchanges trading the same shares in Colombia, namely the Bogotá Stock Exchange and the Medellín Stock Exchange. We provide empirical evidence to support the hypothesis that these two markets can be best described as fully integrated over a period of almost four decades, which is consistent with the view that arbitrage opportunities are only possible in the short but not in the long run. In addition, we find evide
Palabras clave
Stock market , Cointegration , Arbitrage , Colombia
Keywords
Stock market , Cointegration , Arbitrage , Colombia