AROURI Mohamed Hedi modem   ,   arouri.hedi@laposte.net     Biographical Sketch: AROURI Mohamed El Hedi is a PhD Student at the universty of Paris10-Nanterre (France). He prepares for a doctorate in financial economics. He is interested on modelling stock market integration dynamics.       JEL Areas: F3 : International Finance: General D4 : Market Structure and Pricing: General