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Dinamica integrarii pietelor europene de obligatiuni
[The dynamic of European bond markets' integration]

Author

Listed:
  • Avadanei, Andreea

Abstract

Abstract. The scope of this paper is to analyze the developments of European bond market integration in the context of the Economic and Monetary Union. We structured our research on sections that present the euro implications for the bond markets integration, the actual stage of the considered process, and the main features of the above mentioned markets in the light of the international crisis. Our results show that before the advent of the financial turmoil, bond markets have shown a high level of integration, particularly in the euro area. Convergence of prices of European government bond markets, for instance, has been significant since the introduction of the single currency. Corporate bond markets have also shown a positive integration pattern despite the insufficient harmonization of the post trading infrastructure. The recent financial crisis has had a significant impact on government bond markets, as evidenced by a deterioration of several integration indicators. Regarding the corporate bond markets, available data show only a limited impact of the turmoil on its (quite advanced) degree of integration.

Suggested Citation

  • Avadanei, Andreea, 2010. "Dinamica integrarii pietelor europene de obligatiuni
    [The dynamic of European bond markets' integration]
    ," MPRA Paper 31300, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:31300
    as

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    File URL: https://mpra.ub.uni-muenchen.de/31300/1/MPRA_paper_31300.pdf
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    References listed on IDEAS

    as
    1. Lucjan T. Orlowski & Kirsten Lommatzsch, 2005. "Bond Yield Compression in the Countries Converging to the Euro," William Davidson Institute Working Papers Series wp799, William Davidson Institute at the University of Michigan.
    2. Lorenzo Codogno & Carlo Favero & Alessandro Missale, 2003. "Yield spreads on EMU government bonds," Economic Policy, CEPR;CES;MSH, vol. 18(37), pages 503-532, October.
    3. de Bondt, Gabe, 2007. "The role of the euro on the corporate bond markets in the Euro Area," Journal of Financial Transformation, Capco Institute, vol. 19, pages 14-19.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    financial integration; corporate bond market; government bond market; financial crisis.;

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • G01 - Financial Economics - - General - - - Financial Crises
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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