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The Integration of Financial Services and Economic Welfare after `1992'

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  • Ryan, Cillian

Abstract

This paper uses a computable general-equilibrium model of intertemporal demand to investigate the impact of market integration after 1992 on financial services and economic welfare in the European Community (EC). In contrast to previous work, it assesses the impact of `1992' on the demand for and the allocation of resources in the economy and provides estimates of the effects on borrowers and lenders, sectoral employment and output, international trade in financial services, the balance of payments and economic welfare. The greater scope of the intermediation model in this paper, in addition to providing a greater range of results, suggests that the effects of market integration will be substantially larger than estimated in the Cecchini report, and that the gains (and losses) will differ substantially both within and across economies.

Suggested Citation

  • Ryan, Cillian, 1992. "The Integration of Financial Services and Economic Welfare after `1992'," CEPR Discussion Papers 677, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:677
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    Citations

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    Cited by:

    1. John Whalley, 2004. "Assessing the Benefits to Developing Countries of Liberalisation in Services Trade," The World Economy, Wiley Blackwell, vol. 27(8), pages 1223-1253, August.
    2. Harry Flam, 1992. "Product Markets and 1992: Full Integration, Large Gains?," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 7-30, Fall.
    3. John Whalley, 2003. "Liberalization in China's Key Service Sectors Following WTO Accession: Some Scenarios and Issues of Measurement," NBER Working Papers 10143, National Bureau of Economic Research, Inc.
    4. Cillian Ryan & Nicholas Horsewood, 2009. "The role of banks in financial integration: evidence from new EU members," International Economics and Economic Policy, Springer, vol. 6(3), pages 235-258, October.

    More about this item

    Keywords

    Economic Integration; Financial Services;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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