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Home Bias and Market Integration in the EU

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  • Narcissa Balta
  • Juan Delgado

Abstract

The Single Market has been one of the core policies of the European Union. Twenty years after the launch of the Single Market Programme national borders still matter in Europe. Consumption baskets and investment portfolios of European countries still contain a predominant share of home products and equity. This article evaluates the success of integration policies in the European Union by assessing the magnitude and evolution of home bias across Europe in goods and services markets and in equity portfolio holdings. There are large differences in the degree of home bias across European countries. More worrisome is that home bias in goods and services has barely changed in recent years. This might indicate that traditional integration policies are no longer effective and need to be transformed to continue delivering. (JEL Codes: D78, F15, F21, F36) Copyright , Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/cesifo/ifn037
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Bibliographic Info

Article provided by CESifo in its journal CESifo Economic Studies.

Volume (Year): 55 (2009)
Issue (Month): 1 (March)
Pages: 110-144

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Handle: RePEc:oup:cesifo:v:55:y:2009:i:1:p:110-144

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Cited by:
  1. Jonathan Hoddenbagh & Mikhail Dmitriev, 2013. "The Optimal Design of a Fiscal Union," 2013 Papers pho497, Job Market Papers.
  2. Giofré, Maela, 2013. "International diversification: Households versus institutional investors," The North American Journal of Economics and Finance, Elsevier, vol. 26(C), pages 145-176.
  3. Umber, Marc P. & Grote, Michael H. & Frey, Rainer, 2014. "Same as it ever was? Europe's national borders and the market for corporate control," Journal of International Money and Finance, Elsevier, vol. 40(C), pages 109-127.
  4. Okawa, Yohei & van Wincoop, Eric, 2012. "Gravity in International Finance," Journal of International Economics, Elsevier, vol. 87(2), pages 205-215.
  5. Regling, Klaus & Deroose, Servaas & Felke, Reinhard & Kutos, Paul, 2010. "The Euro After Its First Decade: Weathering the Financial Storm and Enlarging the Euro Area," ADBI Working Papers 205, Asian Development Bank Institute.
  6. Umber, Marc P. & Grote, Michael H. & Frey, Rainer, 2010. "Europe integrates less than you think: Evidence from the market for corporate control in Europe and the US," Frankfurt School - Working Paper Series 150, Frankfurt School of Finance and Management.
  7. Klaus Regling & Servaas Deroose & Reinhard Felke & Paul Kutos, 2010. "The Euro After Its First Decade : Weathering the Financial Storm and Enlarging the Euro Area," Governance Working Papers 22817, East Asian Bureau of Economic Research.
  8. Pacchioli, Consuelo, 2011. "Is the EU internal market suffering from an integration deficit?," CEPS Papers 5528, Centre for European Policy Studies.
  9. Giofré, Maela, 2013. "Investor protection rights and foreign investment," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 506-526.

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