The international integration of money markets in the central and east European accession contries : deviations from covered interst parity, capital controls and inefficiencies in the financial sector
Sabine Herrmann; Axel Jochem
Based on the concept of covered interest parity it is shown that the money markets in Poland, the Czech Republic, Hungary, and the Slovak Republic meanwhile display a high degree of international integration with the euro area. Integration has strengthened continuously in the review period of 1999 to mid 2002. The segmentation that could still be observed stems from both restrictions on the short-term movement of capital and the limited development of the financial sectors in the four accession countries. While almost all capital controls have since been removed and will no longer play a role after accession to the EU, the implementation and transmission of the single monetary policy within the Eurosystem will possibly be impeded, if the financial sectors in CEE are then still underdeveloped.
Year of publication: |
2003
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Authors: | Herrmann, Sabine ; Jochem, Axel |
Publisher: |
Frankfurt am Main : Dt. Bundesbank |
Subject: | Geldmarkt | Money market | Internationaler Finanzmarkt | International financial market | Marktintegration | Market integration | Zinsparität | Interest rate parity | Schätzung | Estimation | Osteuropa | Eastern Europe | Polen | Poland | Tschechien | Czech Republic | Ungarn | Hungary | Slowakei | Slovakia | EU-Staaten | EU countries | Integration | Europäische Union | Währungsunion | 1999-2002 |
Saved in:
freely available
Extent: | 31 S graph. Darst |
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Series: | Discussion paper / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank. - Frankfurt, M. : Dt. Bundesbank, Press and Public Relations Div., ZDB-ID 2053289-1. - Vol. 2003,7 |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature |
Language: | English |
Notes: | Zsfassung in dt. Sprache Literaturverz. S. 20 - 26 |
ISBN: | 3-935821-56-5 |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10001786153