Integrarea pietei bursiere europene in contextul UEM
[European stock market integration under EMU]
AbstractThe aim of the present paper is to highlight the degree of European stock market integration. We structured our research on two sections obeying the following order: the first one presents some considerations of the academic literature studying the field and the second analyses the main financial indicators of stock market integration, namely venture capital, price based and quantitative indicators. Our concluding remarks show that regional euro-integration has proceeded more quickly than worldwide integration. At the same time, the level of the variance explained by common factors reveals that local shocks are still important. Quantity-based measures of euro-area equity market integration point out to a rising degree of integration. Since the introduction of the common currency Eurozone (EZ) investors have partially reallocated their equity portfolio from domestic holdings to holdings elsewhere within the EZ.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31086.
Date of creation: 30 Apr 2011
Date of revision:
financial integration; stock market; consolidation; home bias; economic and monetary union.;
Find related papers by JEL classification:
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-05-30 (All new papers)
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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