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Convergence of European financial system: Single financial space?

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  • Victor Murinde

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  • Andy Mullineux

    ()

  • Juda Agung

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    Abstract

    This paper tests the extent to which convergence has been occurring between EU member states in the sources of funding for investment by non-financial corporations. The evidence from time series on 9 EU member countries during 1971-1996 suggests that bank lending (credit) remains the most important source of external financing, although internal financing is increasing in importance. There is also evidence of convergence amongst the financial systems of the 9 EU member countries, for which data were readily available, and a shift from bank financing to direct financing in response to the financial liberalisation in the 1980's (securitisation). These findings suggest an evolving single financial space in Europe.

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    File URL: http://www-sre.wu-wien.ac.at/ersa/ersaconfs/ersa98/papers/403.pdf
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    Bibliographic Info

    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa98p403.

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    Date of creation: Aug 1998
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    Handle: RePEc:wiw:wiwrsa:ersa98p403

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    1. Mayer, Colin, 1994. "The Assessment: Money and Banking: Theory and Evidence," Oxford Review of Economic Policy, Oxford University Press, vol. 10(4), pages 1-13, Winter.
    2. Danny Quah, 1992. "Empirical Cross-Section Dynamics in Economic Growth," FMG Discussion Papers dp154, Financial Markets Group.
    3. Andrew B. Bernard & Steven N. Durlauf, 1994. "Interpreting Tests of the Convergence Hypothesis," NBER Technical Working Papers 0159, National Bureau of Economic Research, Inc.
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