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Integrating Europe's Financial Markets

Author : Mr.Jörg Decressin

Publisher : International Monetary Fund

Page : 281 pages

File Size : 21,48 MB

Release : 2007-09-12

Category : Business & Economics

ISBN : 1589066235

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Book Description

By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.



Dynamics of Equity Market Integration in Europe

Author : Cal B. Muckley

Publisher :

Page : 25 pages

File Size : 24,68 MB

Release : 2010

Category :

ISBN :

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Book Description

Unlike most prior literature in finance and economics, this paper focuses on events in the political economy and examines the integration of European equity markets over the 1988 through 2002 period using three innovative techniques that assesses how the level of integration in equity price levels changes over time. The results show that notwithstanding the rising interdependencies between the European and US equity market until the mid-1990s, the long run integrative relationships governing the European markets began to strengthen only in the late 1990s and in particular since 1997. This evidence suggests that despite several years of political willingness by European leaders to integrate economies, it was not until the Treaty of Amsterdam and the establishment of the European Central Bank that the markets deemed that European integration would in fact occur.



European Financial Markets

Author : Tony Southall

Publisher : Springer Science & Business Media

Page : 200 pages

File Size : 31,18 MB

Release : 2008-10-08

Category : Business & Economics

ISBN : 3790820741

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Book Description

EU membership involves political and economic reforms which influence financial markets in the new member states. This study empirically explores and quantifies the effects of EU accession on the risk and return of equity markets in eight Central and Eastern European markets joining the EU in 2004. The study also incorporates a review of how the influence of macroeconomic variables and the level of integration with global and European markets change as a result of EU membership. Based on empirical tests using weekly data over ten years, this study concludes that EU membership results in a significant decline in equity market volatility and a significant increase in risk-adjusted, but not absolute, equity returns. Furthermore, the study suggests that equity markets in new EU member states become increasingly influenced by global rather than local macroeconomic factors after the EU accession and that the level of integration with global markets increases.





Elements of the Euro Area

Author : Mauro Grande

Publisher : Routledge

Page : 284 pages

File Size : 17,38 MB

Release : 2018-02-06

Category : Political Science

ISBN : 1351159119

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Book Description

As time elapses since the introduction of the Euro, it is legitimate to start asking what impact the new currency and the single monetary policy have had on European integration. This book provides the most comprehensive review of financial integration in the euro area. The volume includes an introduction to the institutional features of the euro area and the literature on financial integration. It examines developments in the financial structures at large and moves forward to focus on specific areas pertaining to financial intermediaries, the bond and equity markets, and market-based debt finance. It is particularly suited to researchers and students of developments in the euro area, central banking, money and banking, as well as international relations and international business more generally. While the introductory chapters will help in bringing undergraduates on board, the later chapters will particularly benefit the early graduate student as well as the professional observer.



European Equity Markets Integration - Implications for Us Investors

Author : Xuan Vinh Vo

Publisher :

Page : pages

File Size : 33,29 MB

Release : 2008

Category :

ISBN :

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Book Description

The paper examines the question whether the economic convergence brought about by the European Monetary Union resulted in increased correlations across EMU equity market returns, which subsequently lead to a reduction in the benefits for investors in these markets. The study employs data from 1988 to 2003 in which correlation, cointegration and causality estimation techniques are used to describe the behaviour of the seven European equity market returns. The paper focuses on the question of whether a foreign (US) investor can benefit from investing in European equity markets in light of the developments brought about by the European Monetary Union (EMU).



The European Equity Markets

Author : Benn Steil

Publisher : Chatham House (Formerly Riia)

Page : 436 pages

File Size : 25,25 MB

Release : 1996

Category : Business & Economics

ISBN :

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Book Description

Investigating the barriers to European equity market integration which will remain after 1996, this text examines such areas as equity trading, the single currency, corporate governance, pension funds, capital standards, clearance and settlement, and accounting diversity.



Integration of Smaller European Equity Markets

Author : Brian M. Lucey

Publisher :

Page : 30 pages

File Size : 10,90 MB

Release : 2009

Category :

ISBN :

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Book Description

The objective of this paper is to study capital market integration in smaller European countries and its implications for an international portfolio investment allocation. A time-varying analysis based on Barari (2004) suggests that the markets have recently started moving towards international financial integration. Results vary from country to country and sample countries can be broken down into distinctive groups according to their recent integration score performance: a) countries which are becoming increasingly integrated with both regional European and international equity markets (Estonia, Hungary, Czech Republic, Lithuania, Poland); and b) countries which have become increasingly integrated with the regional market, while growing segmented with the world market (Latvia, Slovakia, Slovenia). This is an encouraging indicator in that none of the countries have been growing segmented from the European equity markets since the EU accession.



Integration of European Stock Markets

Author : Dagmar Maria Inzinger

Publisher :

Page : 376 pages

File Size : 30,35 MB

Release : 2006

Category :

ISBN :

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Book Description

We examine to what extent Europeþs stock markets are integrated, and how this can be measured. We review 54 empirical studies and find an overemphasis on price-based measures and a need for more quantity-based studies. We update the Baele et al (2004) study on investment funds' equity holdings to March 2006 for ten euro area and four non-euro area countries, provide additional quantity based evidence, and discuss integration theories. Our results indicate a decline in home bias particularly after the advent of the euro. We conclude that although European stock markets have undergone significant developments, the level of European integration is below expectations and there is a high joint integration with the U.S. (author's abstract).



Europe's Untapped Capital Market

Author : Diego Valiante

Publisher : Centre for European Policy Studies

Page : 0 pages

File Size : 24,62 MB

Release : 2016

Category : Capital market

ISBN : 9781786600448

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Book Description

This book builds on a year-long discussion with a group of academics, policy-makers and industry experts to provide a long-term contribution to the Capital Markets Union project, launched by the European Commission in 2015. It identifies 36 cross-border barriers to capital mar...