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In the age of globalization, it is natural that the stock market of eachcountry is not independent form the other markets. In this case, collectivebehavior could be emerged form their dependency together. This article studiesthe collective behavior of a set of forty influential markets in the worldeconomy with the aim of exploring a global financial structure that could becalled world-stock-market network. Towards this end, we analyze thecross-correlation matrix of the indices of these forty markets using RandomMatrix Theory (RMT). We find the degree of collective behavior among themarkets and the share of each market in their structural formation. Thisfinding together with the results obtained from the same calculation on fourstock markets reinforce the idea of a world financial market. Finally, we drawthe dendrogram of the cross-correlation matrix to make communities in thisabstract global market visible. The dendrogram, drawn by at least thirtypercent of correlation, shows that the world financial market comprises threecommunities each of which includes stock markets with geographical proximity.

Emergence of world-stock-market network