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%T The determinants of increasing equity market comovement: economic or financial integration? %A Baele, Lieven %A Soriano, Pilar %J Review of World Economics %N 3 %P 573-589 %V 146 %D 2010 %K Economic integration; Financial integration; Cash-flow news; Discount-rate news; G11; G12; G15; C32; F37 %= 2011-05-25T14:20:00Z %~ http://www.peerproject.eu/ %> https://nbn-resolving.org/urn:nbn:de:0168-ssoar-251682 %X This paper investigates to what extent the substantial increase in exposures of local European equity market returns to global shocks is mainly due to a convergence in cash flows ("economic integration"), to a convergence in discount rates ("financial integration"), or to both. We find that this increased exposure is nearly entirely due to increasing discount-rate betas. This finding is robust to alternative ways of calculating discount-rate and cash-flow shocks. %C DEU %G en %9 journal article %W GESIS - http://www.gesis.org %~ SSOAR - http://www.ssoar.info