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@article{193430,
        author = {SOUBHIK DEY and AMALENDU BHUNIA},
        title = {Long-Run Equilibrium and Short-Run Asymmetry in Selected Stock Markets},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {12},
        number = {10},
        pages = {370-377},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=193430},
        abstract = {This study examines the dynamic nature of financial integration among four major equity markets, the United States, China Russia and India over the period from January 2010 to January 2026 using daily closing data. The study investigates both long-run equilibrium relationships and short-run adjustment dynamics by employing unit root test, johansen cointegration test and Vector Error Correction Model. The study confirm that all indices are integrated of order one, satisfying the precondition for cointegration analysis. Johansen trace statics reveal the presence of two cointegrating long-run relationship, indicating strong long-term financial integration among the selected markets. However, short-term dynamics remain limited and asymmetric. The error correction mechanism suggests that only the US market exhibits significant adjustment toward long term equilibrium, implying dominant role in restoring equilibrium within the system. Correlation analysis further indicates weal short-term interdependence, preserving partial diversification benefits. Overall, the results highlight a horizon-dependent and hierarchical structure of global financial integration, where long term convergence coexists with asymmetric short-term dynamics.},
        keywords = {Financial Integration, Johansen Cointegration, Short-term Interdependence, Vector Error Correction, Portfolio Diversification},
        month = {March},
        }