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Measuring financial market integration in the European Union: EU15 vs. New Member States

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  • Pungulescu, Crina

Abstract

This paper quantifies financial market integration in the European Union, using a large array of credit and bond market indicators, stock market indicators, as well as indicators based on household and firm decisions. It focuses on comparing the evolution of the European Union before the Eastern enlargement (EU15) with that of the 12 New Member States (NMS) that joined after 2000. It documents improvements in the integration of the credit and bond markets as well as stock markets for both groups within the EU27, the heightened heterogeneity brought about by the NMS, but also a reversal of the integration process over the recent years (corresponding to the financial crisis), divergence disrupting both the EU15 core and the NMS. For all the decades of achievements within both the EU15 and NMS groups in terms of credit and stock market integration, the ultimate goals of financial market integration, perfect capital mobility and full international risk sharing remain out of reach.

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Bibliographic Info

Article provided by Elsevier in its journal Emerging Markets Review.

Volume (Year): 17 (2013)
Issue (Month): C ()
Pages: 106-124

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Handle: RePEc:eee:ememar:v:17:y:2013:i:c:p:106-124

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Web page: http://www.elsevier.com/locate/inca/620356

Related research

Keywords: Market integration; European Union; New Member States;

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References

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  1. Lieven Baele, 2004. "Measuring European Financial Integration," Oxford Review of Economic Policy, Oxford University Press, vol. 20(4), pages 509-530, Winter.
  2. Markus Baltzer & Lorenzo Cappiello & Roberto A. De Santis & Simone Manganelli, 2008. "Measuring financial integration in new EU member states," Occasional Paper Series 81, European Central Bank.
  3. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  4. Jappelli, Tullio & Pagano, Marco, 2008. "Financial market integration under EMU," CFS Working Paper Series 2008/33, Center for Financial Studies (CFS).
  5. Fratzscher, Marcel, 2001. "Financial market integration in Europe: on the effects of EMU on stock markets," Working Paper Series 0048, European Central Bank.
  6. Gikas A. Hardouvelis & Dimitrios Malliaropulos & Richard Priestley, 2006. "EMU and European Stock Market Integration," The Journal of Business, University of Chicago Press, vol. 79(1), pages 365-392, January.
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