Vilfredo Pareto Research Seminar
Rebecca Stuart

Measuring stock market integration during the Gold Standard

Rebecca Stuart, Honorary Professor of Practice at Queen’s University Belfast
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Webinar streamed via Zoom

The Vilfredo Pareto Research Seminar is the Economics department's weekly seminar, featuring external speakers in all areas of economics.

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As part of the Vilfredo Pareto Research Seminar series, the International Economics Department at the Graduate Institute is pleased to invite you to a public talk given by Rebecca Stuart, Honorary Professor of Practice in Finance at the Centre for Economic History in Queen’s University Belfast.

She will present her paper titled Measuring stock market integration during the Gold Standard.

Abstract: This paper uses a broad geographical sample to investigate stock market integration during the classical Gold Standard. It is novel in estimating ‘global components’ of stock market returns, using methods proposed by Volosovych (2011), Pukthuanthong and Roll (2009) and Ciccarelli and Mojon (2010). Contrary to the existing literature, all three measures suggest that integration increased during the first decades of the Gold Standard before levelling off thereafter. However, a comparison with more recent data suggests the level of integration was low compared to today. The results are robust to alternative formulations of the global component and alternative measures of returns.


Rebecca Stuart is also a Post-Doctoral researcher at the Institute of Economic Research (IRENE) at the University of Neuchâtel. Prior to this, she was an Advisor in the Monetary Policy Division of the Central Bank of Ireland, which she joined as an economist in 2004. Rebecca’s research focuses on financial and monetary history, and monetary policy. Her work has studied the long-run evolution of financial and macroeconomic data through time and across countries.