Before revision:  The overall results are quite interesting, since we found only 170 pair of stock markets cointegrated, and according to the Granger causality and mutual information we realized that the strongest relations lies between emerging markets, and between emerging and frontier markets.
After revision:  The overall results are quite interesting, since we found only 170 pair of stock markets cointegrated, and according to the Granger causality and mutual information , we realize that the strongest relations lies between emerging markets, and between emerging and frontier markets.