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Monetary and financial integration: Evidence from the EMU

In: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR

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  • Mark M. Spiegel

Abstract

This paper examines the impact of European Monetary Union (EMU) accession on bilateral international commercial bank lending patterns. Using a difference-in-differences methodology, I demonstrate that accession to the EMU was accompanied by a change in Portuguese and Greek borrowing in favor of borrowing from their EMU partner nations. This extends the evidence in the literature that overall international borrowing is facilitated by the creation of a monetary union, and raises the possibility of financial diversion. J. Japanese Int. Economies 23 (2) (2009) 114-130.

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This chapter was published in:

  • Takeo Hoshi & Takatoshi Ito, 2009. "Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR," NBER Books, National Bureau of Economic Research, Inc, number hosh07-1, October.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 12016.

    Handle: RePEc:nbr:nberch:12016

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Pierre-Olivier Gourinchas & Olivier Jeanne, 2003. "The Elusive Gains from International Financial Integration," NBER Working Papers 9684, National Bureau of Economic Research, Inc.
    2. Philip R. Lane & G.M. Milesi-Ferretti, 2003. "International Financial Integration," Trinity Economics Papers, Trinity College Dublin, Department of Economics 20031, Trinity College Dublin, Department of Economics.
    3. Andrew K. Rose & Mark M. Spiegel, 2002. "A gravity model of sovereign lending: trade, default and credit," Working Paper Series, Federal Reserve Bank of San Francisco 2002-09, Federal Reserve Bank of San Francisco.
    4. Lane, Philip R., 2005. "Global bond portfolios and EMU," Working Paper Series, European Central Bank 0553, European Central Bank.
    5. Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 147-210.
    6. Timothy Besley & Anne Case, 1994. "Unnatural Experiments? Estimating the Incidence of Endogenous Policies," NBER Working Papers 4956, National Bureau of Economic Research, Inc.
    7. Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004. "How Much Should We Trust Differences-in-Differences Estimates?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 119(1), pages 249-275, February.
    8. Jappelli, Tullio & Pagano, Marco, 2008. "Financial market integration under EMU," CFS Working Paper Series 2008/33, Center for Financial Studies (CFS).
    9. Andrew K. Rose, 2002. "One Reason Countries Pay their Debts: Renegotiation and International Trade," EUI-RSCAS Working Papers, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS) 18, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    10. Portes, Richard & Rey, Hélène, 1999. "The Determinants of Cross-Border Equity Flows," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2225, C.E.P.R. Discussion Papers.
    11. Canhoto, Ana & Dermine, Jean, 2003. "A note on banking efficiency in Portugal, New vs. Old banks," Journal of Banking & Finance, Elsevier, Elsevier, vol. 27(11), pages 2087-2098, November.
    12. Richard Blundell & Thomas MaCurdy, 1998. "Labour supply: a review of alternative approaches," IFS Working Papers, Institute for Fiscal Studies W98/18, Institute for Fiscal Studies.
    13. Coeurdacier , Nicolas & Martin, Philippe, 2007. "The geography of asset holdings: Evidence from Sweden," Working Paper Series 202, Sveriges Riksbank (Central Bank of Sweden).
    14. Mark M. Spiegel, 2004. "Monetary and financial integration: evidence from Portuguese borrowing patterns," Working Paper Series, Federal Reserve Bank of San Francisco 2004-07, Federal Reserve Bank of San Francisco.
    15. Theodoros S. Papaspyrou, 2004. "EMU Strategies: Lessons from Past Experience in View of EU Enlargement," Working Papers, Bank of Greece 11, Bank of Greece.
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    Cited by:
    1. Schmitz, Birgit & von Hagen, Jürgen, 2011. "Current account imbalances and financial integration in the euro area," Journal of International Money and Finance, Elsevier, Elsevier, vol. 30(8), pages 1676-1695.
    2. Sebnem Kalemli-Ozcan & Elias Papaioannou & José-Luis Peydró, 2009. "What Lies Beneath the Euro's Effect on Financial Integration: Currency Risk, Legal Harmonization, or Trade?," NBER Working Papers 15034, National Bureau of Economic Research, Inc.
    3. Galina Hale & Mark M. Spiegel, 2008. "Who drove the boom in euro-denominated bond issues?," Working Paper Series, Federal Reserve Bank of San Francisco 2008-20, Federal Reserve Bank of San Francisco.
    4. Gajewski, Krzysztof & Olszewski, Krzysztof & Pawłowska, Małgorzata & Rogowski, Wojciech & Tchorek, Grzegorz & Zięba, Jolanta, 2012. "Integracja finansowa w Europie po wprowadzeniu euro. Przegląd literatury
      [Financial integration in Europe after the introduction of the euro. A literature overview]
      ," MPRA Paper 42482, University Library of Munich, Germany.
    5. Philip R. Lane, 2008. "EMU and Financial Integration," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp272, IIIS.
    6. Agénor, Pierre-Richard & Aizenman, Joshua, 2011. "Capital market imperfections and the theory of optimum currency areas," Journal of International Money and Finance, Elsevier, Elsevier, vol. 30(8), pages 1659-1675.
    7. Hale, Galina B & Obstfeld, Maurice, 2014. "The Euro and the Geography of International Debt Flows," CEPR Discussion Papers, C.E.P.R. Discussion Papers 9937, C.E.P.R. Discussion Papers.
    8. Galina Hale, 2011. "Evidence on financial globalization and crisis: capital raisings," Working Paper Series, Federal Reserve Bank of San Francisco 2011-04, Federal Reserve Bank of San Francisco.
    9. Pels, 2010. "International Asset Holdings and the Euro," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp331, IIIS.
    10. Daniel Carvalho, 2014. "Financial Integration and the Great Leveraging," Working Papers, Banco de Portugal, Economics and Research Department w201407, Banco de Portugal, Economics and Research Department.
    11. Ruo Chen & Gian-Maria Milesi-Ferretti & Thierry Tressel, 2012. "External Imbalances in the Euro Area," IMF Working Papers 12/236, International Monetary Fund.
    12. Marta Gómez-Puig & Simón Sosvilla-Rivero, 2011. "Causality and contagion in peripheral EMU public debt markets: a dynamic approach," IREA Working Papers, University of Barcelona, Research Institute of Applied Economics 201116, University of Barcelona, Research Institute of Applied Economics, revised Sep 2011.
    13. Philip R. Lane, 2008. "EMU and Financial Market Integration," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp248, IIIS.
    14. Schmitz, Birgit & von Hagen, Jürgen, 2009. "Current Account Imbalances and Financial Integration in the Euro Area," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7262, C.E.P.R. Discussion Papers.
    15. Marques, Luís Miguel & Fuinhas, José Alberto & Marques, António Cardoso, 2013. "Does the stock market cause economic growth? Portuguese evidence of economic regime change," Economic Modelling, Elsevier, Elsevier, vol. 32(C), pages 316-324.
    16. Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2013. "Granger-causality in peripheral EMU public debt markets: A dynamic approach," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(11), pages 4627-4649.

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