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Financial Integration in EMU. Where Do We Stand?

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  • K. Smedts

Abstract

This paper reviews the empirical literature on the degree of financial integration in EMU and analyzes whether the process of integration accelerated with the introduction of the Euro. If the launch of EMU expedited financial integration, this affected pricing of assets and optimal portfolio allocation. We focus on the Euro area sovereign bond market, the money market and the stock markets and review whether the pricing of assets converged to a mechanism of EMU-pricing. Furthermore, we discuss the impact of EMU on portfolio adjustments. Finally, we look at the evolution of the cost of capital and the risk sharing capacity of the EMU market.

Suggested Citation

  • K. Smedts, 2006. "Financial Integration in EMU. Where Do We Stand?," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business, Review of Business and Economic Literature, vol. 0(1), pages 3-24.
  • Handle: RePEc:ete:revbec:20060101
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    1. Bovenberg, A. Lans & Graafland, Johan J. & de Mooij, Ruud A., 2000. "Tax reform and the Dutch labor market: an applied general equilibrium approach," Journal of Public Economics, Elsevier, pages 193-214.
    2. Donders, Jan & Graafland, Johan, 1998. "CPB models and employment policy in the Netherlands," Economic Modelling, Elsevier, vol. 15(3), pages 341-356, July.
    3. Graafland, J.J. & Huizinga, F.H., 1998. "Taxes and benefits in a non-linear wage equation," MPRA Paper 21076, University Library of Munich, Germany.
    4. Draper, D.A.G., 2000. "Towards an econometric model for the Netherlands : Explaining unemployment," Other publications TiSEM 8d6f0572-d552-4ca2-9df3-6, Tilburg University, School of Economics and Management.
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