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How integrated are the European retail financial markets? : A cointegration analysis Author info | Abstract | Publisher info | Download info | Related research | Statistics Heinemann, Friedrich
Schüler , Martin
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With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this distinction between wholesale and retail markets becomes crucial. There is a wide literature relating to integration of wholesale financial markets but just a few studies that try to measure integration in European retail markets. This paper, in a first step, gives a systematisation of the literature on measuring financial market integration with a focus on the distinction between wholesale and retail financial markets. In a second step, bivariate and multivariate cointegration techniques are used to assess the degree of integration in four loans and two deposit markets in the European Union. Finally, based on this analysis obstacles to financial market integration are discussed. --
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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number
02-22.
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Date of creation: 2002Date of revision:
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Keywords: Financial Market Integration ; Cointegration ; European Union ; Other versions of this item:
Find related papers by JEL classification: G15 - Financial Economics - - General Financial Markets - - - International Financial Markets F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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references Cited by : (explanations , 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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