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Integration of Financial Markets in Europe: Implications for the Irish Banking System

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  • Patrick Honohan

    (Economic and Social Research Institute (ESRI))

Abstract

Even if the single currency of EMU looks less likely than it did to come on stream before the end of the century, there are still strong forces of integration in the European financial markets. These will colour the environment for the development of the Irish financial system and they call for responses both at the level of individual institutions and at the level of the Irish financial system as a whole. The paper considers the following aspects of integration of financial markets in Europe. (i) The degree to witch evolving plans for the implementation of monetary policy in the EMU are likely to take account of the particular needs of the banking systems in peripheral countries. (ii) The consequence of a relatively high dependence of the Irish (and UK) banking systems on short-term and variable interest rate deposits and loans. (iii) The question of regional variation in access to credit and in interest-rates in large markets.

Suggested Citation

  • Patrick Honohan, 1994. "Integration of Financial Markets in Europe: Implications for the Irish Banking System," Papers WP050, Economic and Social Research Institute (ESRI).
  • Handle: RePEc:esr:wpaper:wp050
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    File URL: http://www.esri.ie/pubs/WP050.pdf
    File Function: First version, 1994
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    References listed on IDEAS

    as
    1. Melitz, Jacques, 1993. "Reflections on the Emergence of a Single Market for Bank Reserves in a European Monetary Union," CEPR Discussion Papers 818, C.E.P.R. Discussion Papers.
    2. Patrick Honohan, 1994. "Interest Rate Policy in Practice: A Review with some Implications for the Irish Banking System in the EMS," Papers WP046, Economic and Social Research Institute (ESRI).
    3. Faini, Riccardo & Giannini, Curzio & Ingrosso, Fulvio, 1992. "Finance and Development: The Case of Southern Italy," CEPR Discussion Papers 674, C.E.P.R. Discussion Papers.
    4. William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
    5. Molyneux, Philip & Thornton, John, 1992. "Determinants of European bank profitability: A note," Journal of Banking & Finance, Elsevier, vol. 16(6), pages 1173-1178, December.
    6. Osborne, Dale K., 1988. "Competition and geographical integration in commercial bank lending," Journal of Banking & Finance, Elsevier, vol. 12(1), pages 85-103, March.
    7. Vives, Xavier, 1990. "Banking Competition and European Integration," CEPR Discussion Papers 373, C.E.P.R. Discussion Papers.
    8. William Poole, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, Oxford University Press, vol. 84(2), pages 197-216.
    9. Jeroen J. M. Kremers & Timothy D. Lane, 1990. "Economic and Monetary Integration and the Aggregate Demand for Money in the EMS," IMF Staff Papers, Palgrave Macmillan, vol. 37(4), pages 777-805, December.
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