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The rapid growth of international investment has been attributed to a variety of factors. These factors are deregulation of capital markets, removal of barriers to international investment, and technological and computer advances which have reduced the cost of communication. This supplement reviews the growth in emerging capital markets and provides a setting for understanding the nature of the integration process as well as the behaviour of national stock-price movements. Two sections deal separately with international capital market interactions and financial issues in emerging markets. The first chapter examines the linkages among Latin American and other major world stock markets over the 1987-1994 period. The next paper investigates whether European Community stock markets behave as a single market. Other issues explored in this book include: the economic significance of the Gulf Crisis on the oil and world equity markets; the relations among security prices across Japan, Hong Kong and Singapore; and the interaction between capital markets of the southern European countries of Greece, Italy, Spain and Turkey with the USA.