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Financial Integration or Disintegration during the Financial Crisis

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  • Otilia-Roxana Oprea

Abstract

Both the causes and effects of the disintegration of the European Union, as well as the possible connections between the process of integration and disintegration were vaguely addressed in the specialized literature up to the present day. Often the crises were evaluated as catalysts for subsequent phases of the EU integration stages, without focusing on the possible impact disintegrator. The aim of this study is to show the impact of the financial crisis on the financial integration process, specifically to see if, during the crisis, financial integration had or not disintegrative tendencies. I chose this goal because the phenomenon of financial disintegration and the link between this phenomenon and the financial crisis have been treated so far in studies of literature, but more in news articles exposing the opinions of specialists. For our analysis, we retrieved data from the Eurostat for the period between 2000 and 2014, including the EU 28 member states.

Suggested Citation

  • Otilia-Roxana Oprea, 0. "Financial Integration or Disintegration during the Financial Crisis," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 20(65), pages 122-136, September.
    • Handle: RePEc:rej:journl:v:20:y::i:65:p:122-136
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    References listed on IDEAS

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    1. Chakraborty, Indraneel & Hai, Rong & Holter, Hans A. & Stepanchuk, Serhiy, 2017. "The real effects of financial (dis)integration: A multi-country equilibrium analysis of Europe," Journal of Monetary Economics, Elsevier, vol. 85(C), pages 28-45.
    2. Fidrmuc, Jarko & Korhonen, Iikka, 2010. "The impact of the global financial crisis on business cycles in Asian emerging economies," Journal of Asian Economics, Elsevier, vol. 21(3), pages 293-303, June.
    3. James Crotty, 2009. "Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 563-580, July.
    4. Chen, Mei-Ping & Chen, Pei-Fen & Lee, Chien-Chiang, 2014. "Frontier stock market integration and the global financial crisis," The North American Journal of Economics and Finance, Elsevier, vol. 29(C), pages 84-103.
    5. Leon Podkaminer, 2016. "Economic disintegration of the European Union: Not unavoidable, but probable," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 66(supplemen), pages 49-60, December.
    6. Jian Yang & James Kolari & Insik Min, 2003. "Stock market integration and financial crises: the case of Asia," Applied Financial Economics, Taylor & Francis Journals, vol. 13(7), pages 477-486.
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    Cited by:

    1. Ovidiu Stoica & Otilia-Roxana Oprea & Ionel Bostan & Carmen Sandu Toderașcu & Cristina Mihaela Lazăr, 2020. "European Banking Integration and Sustainable Economic Growth," Sustainability, MDPI, vol. 12(3), pages 1-19, February.

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    More about this item

    Keywords

    financial integration; Europe; Crisis; disintegration;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G01 - Financial Economics - - General - - - Financial Crises

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