A integração entre as bolsas de valores de Buenos Aires e de São Paulo

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DOI: https://doi.org/10.1590/S1415-65551998000100006
Keywords:
emerging markets, integration versus segmentation, international pricing models

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Ricardo P. Câmara Leal
University of Nevada
Newton C. A. da Costa Jr.
Universidade Federal de Santa Catarina

Abstract

Many recent works have presented evidences about the existence of links between the stock markets of Brazil and Argentina. However the existence of links between two markets does not mean that they are integrated. Integration is a more restricted concept that must be verified with pricing models. Past empirical evidences show that the Brazilian and Argentinean markets are segmented. However, as these evidences were based on long periods of time and on data until the beginning of the 90's, probably their results do not reflect the more recent situation. We used two international pricing models for the Brasilian and Argentinean market. Our results suggest that Argentina is still segmented from the main international markets. On the other side, Argentina seems to be integrated with Brazil in the last three years. About 40% of the Argentinean export goes to Brazil. Brazil is very important to Argentina and predominates among other economies in the pricing of the Argentinean stock market.On the other side, Brazil presents integration with the central economies and with Argentina. Only 9% of the Brazilian export goes to Argentina. The United States became particulary important in the pricing of the Brazilian stock market in the last three years. The United States are the domain commercial partner of Brazil and the favorite market to the emissions of Brazilian DRs.

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How to Cite
Leal, R. P. C., & Costa Jr., N. C. A. da. (1). A integração entre as bolsas de valores de Buenos Aires e de São Paulo. Journal of Contemporary Administration, 2(1), 87-99. https://doi.org/10.1590/S1415-65551998000100006
Issue
Vol. 2 No. 1 (1998): Jan/Apr - 1998
Section
Articles

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Author Biographies

Ricardo P. Câmara Leal, University of Nevada

Professor do College of Business Administration, University of Nevada, USA, com interesse em pesquisa nas áreas de mercados financeiros em países em desenvolvimento, em particular na América Latina, e emissão de títulos corporativos em mercados internacionais.

Newton C. A. da Costa Jr., Universidade Federal de Santa Catarina

Professor do Departamento de Ciências Econômicas e do Programa de Pós-Graduação em Engenharia de Produção da Universidade Federal de Santa Catarina. Suas áreas de interesse em pesquisa são investimentos, mercado de capitais e finanças de empresa.