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Financial market integration and economic growth in the EU
[‘International measures of schooling years and schooling quality’]

Author

Listed:
  • Luigi Guiso
  • Tullio Jappelli
  • Mario Padula
  • Marco Pagano

Abstract

The current diversity in the degree of financial development across the EU can be a great opportunity at a time where this area is poised to become increasingly financially integrated. Integration should accelerate the development of the most backward financial markets, and allow companies from these countries to access more sophisticated credit and security markets. In line with a large recent literature, it is reasonable to expect that financial integration will have a ‘growth dividend’ in Europe. This paper attempts to quantify this growth dividend, using both industry and firm-level data to estimate the empirical relationship between financial market development and growth, and to gauge how it will distribute itself across countries and sectors.— Luigi Guiso, Tullio Jappelli, Mario Padula and Marco Pagano

Suggested Citation

  • Luigi Guiso & Tullio Jappelli & Mario Padula & Marco Pagano, 2004. "Financial market integration and economic growth in the EU [‘International measures of schooling years and schooling quality’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 19(40), pages 524-577.
    • Handle: RePEc:oup:ecpoli:v:19:y:2004:i:40:p:524-577.
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    File URL: http://hdl.handle.net/10.1111/j.1468-0327.2004.00131.x
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    References listed on IDEAS

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    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing

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