Market Integration between Turkey and Eurozone Countries

Nicholas Apergis, Chi Keung Marco Lau, Fatma Öğücü Şen, Shixuan Wang

Research output: Contribution to journalArticlepeer-review


This study examines the degree of integration of the Turkish economy and European markets as well as the nature of price convergences across major cities for common categories of goods. A series of unit root tests are performed to assess these price convergences by considering non-linearity, crosssectional correlations, and structural breaks. We find that the Turkish and European markets are wellintegrated. Moreover, Turkey’s highest rate of convergence occurs in the fresh fruits and vegetables (supermarkets) and canned goods (mid-priced stores) categories, suggesting arbitrage activities exist across common categories of goods.
Original languageEnglish
Pages (from-to)2674-2686
Number of pages13
JournalEmerging Markets Finance and Trade
Issue number9
Early online date19 Sep 2019
Publication statusPublished - 1 Jul 2021


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