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Indicatori de măsurare a integrării financiare europene. Literature review
[Measuring European financial market integration. A literature review]

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  • Avadanei, Andreea
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    Abstract

    The purpose of this paper is to highlight the level of European financial integration, based on the academic literature analyzing a comprehensive set of indicators and methodologies. We structured our research on sections that present a theoretical approach of the instruments that will be used in order to evaluate the progress of financial integration and their limits; the evolution of this process from EMU to the global crisis and beyond by studying financial integration indicators according to Adam et al. (2002) classification, and some considerations about the developments in the European Union new member states. Our concluding remarks outline the widespread use of quantitative and price-based indicators, as well as the different degree of integration from one financial sector to another.

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    File URL: http://mpra.ub.uni-muenchen.de/28737/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28737.

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    Date of creation: 08 Feb 2011
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    Handle: RePEc:pra:mprapa:28737

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    Keywords: financial integration; common currency; the law of one price; beta convergence; home bias;

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    1. Kpate ADJAOUTÉ & Jean-Pierre DANTHINE & Dušan ISAKOV, 2003. "Portfolio Diversification in Europe," FAME Research Paper Series rp86, International Center for Financial Asset Management and Engineering.
    2. Balke, Nathan S & Fomby, Thomas B, 1997. "Threshold Cointegration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 627-45, August.
    3. Babecký, Jan & Komárek, Luboš & Komárková, Zlatuše, 2008. "Financial Integration of Stock Markets among New EU Member States and the Euro Area," The Warwick Economics Research Paper Series (TWERPS) 849, University of Warwick, Department of Economics.
    4. Geert Bekaert & Campbell R. Harvey, 1994. "Time-Varying World Market Integration," NBER Working Papers 4843, National Bureau of Economic Research, Inc.
    5. Brada, Josef C. & Kutan, Ali M. & Zhou, Su, 2005. "Real and monetary convergence between the European Union's core and recent member countries: A rolling cointegration approach," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 249-270, January.
    6. Lieven Baele & Annalisa Ferrando & Peter Hördahl & Elizaveta Krylova & Cyril Monnet, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
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