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Money Market Integration in Europe

Author

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  • Sylvester C. W. Eijffinger
  • Jan J. G Lemmen

Abstract

This paper examines European money market integration over the period March 1979 - August 1992. We specify three different criteria for short-term capital mobility, i.e. covered nominal interest parity, uncovered nominal interest parity and real interest parity, to assess the degree and the speed of money market integration in Europe. The paper ends with a unique trade-off between the degree and the speed of money market integration in Europe.

Suggested Citation

  • Sylvester C. W. Eijffinger & Jan J. G Lemmen, 1995. "Money Market Integration in Europe," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 131(I), pages 3-37, March.
    • Handle: RePEc:ses:arsjes:1995-i-1
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    Cited by:

    1. Lemmen, J.J.G. & Eijffinger, S.C.W., 1995. "Financial integration in Europe : Evidence from Euler equation tests," Other publications TiSEM edaab7e2-3771-4007-bbd2-9, Tilburg University, School of Economics and Management.
    2. Pieterse-Bloem, M., 2011. "The effect of Emu on bond market integration and investor portfolio allocations," Other publications TiSEM 3c6ce80d-9260-424a-b889-b, Tilburg University, School of Economics and Management.
    3. Hartmann, Philipp & Manna, Michele & Manzanares, Andres, 2001. "The microstructure of the euro money market," Journal of International Money and Finance, Elsevier, vol. 20(6), pages 895-948, November.
    4. Hartmann, Philipp & Manna, Michele & Manzanares, Andres, 2001. "The microstructure of the euro money market," Journal of International Money and Finance, Elsevier, vol. 20(6), pages 895-948, November.
    5. Lemmen, J.J.G. & Eijffinger, S.C.W., 1995. "The fundamental determinants of financial integration in the European Union," Other publications TiSEM 0090a2e9-4071-45da-9fca-b, Tilburg University, School of Economics and Management.
    6. Heinemann, Friedrich & Schüler, Martin, 2002. "How integrated are the European retail financial markets? A cointegration analysis," ZEW Discussion Papers 02-22, ZEW - Leibniz Centre for European Economic Research.

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