| Summary: | 碩士 === 國立臺北大學 === 國際企業研究所 === 101 === In past ten years, the international financial market is closer than before because of the gradual deregulation on financial control and progress of science and technology. International financial market integrates little by little because transmission mechanism of information is more convenient and efficient.
International stock market synchronization is more significant after 2000, especially in the period of subprime mortgage crisis and European sovereign bond crisis; and international stock market synchronization after European sovereign bond crisis is lower than the period of subprime mortgage crisis.
This research adopts specific macroeconomic variables, including volatility of exchange rate, difference of interest rate and bilateral trade intensity. Furthermore, international stock market correlation and bilateral trade intensity could have endogeneity problem in our research; this research use Two-step approach to solve endogeneity problem. Finally, this research verifies the relationship between International stock market synchronization and macroeconomic variables by Panel Model.
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