Dinamica integrarii pietelor europene de obligatiuni
[The dynamic of European bond markets' integration]
AbstractAbstract. The scope of this paper is to analyze the developments of European bond market integration in the context of the Economic and Monetary Union. We structured our research on sections that present the euro implications for the bond markets integration, the actual stage of the considered process, and the main features of the above mentioned markets in the light of the international crisis. Our results show that before the advent of the financial turmoil, bond markets have shown a high level of integration, particularly in the euro area. Convergence of prices of European government bond markets, for instance, has been significant since the introduction of the single currency. Corporate bond markets have also shown a positive integration pattern despite the insufficient harmonization of the post trading infrastructure. The recent financial crisis has had a significant impact on government bond markets, as evidenced by a deterioration of several integration indicators. Regarding the corporate bond markets, available data show only a limited impact of the turmoil on its (quite advanced) degree of integration.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31300.
Date of creation: Nov 2010
Date of revision:
financial integration; corporate bond market; government bond market; financial crisis.;
Find related papers by JEL classification:
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
- G01 - Financial Economics - - General - - - Financial Crises
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-18 (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.:
- de Bondt, Gabe, 2007. "The role of the euro on the corporate bond markets in the Euro Area," Journal of Financial Transformation, Capco Institute, Capco Institute, vol. 19, pages 14-19.
- Lucjan T. Orlowski & Kirsten Lommatzsch, 2005. "Bond Yield Compression in the Countries Converging to the Euro," William Davidson Institute Working Papers Series wp799, William Davidson Institute at the University of Michigan.
- Lorenzo Codogno & Carlo Favero & Alessandro Missale, 2003. "Yield spreads on EMU government bonds," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 18(37), pages 503-532, October.
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