L'intégration commerciale est-elle une condition préalable à l'intégration financière ?

In this paper, we propose a joint study of trade and financial integration by relying on the Balassa?s [1961] classification, from preferential trading area to complete economic integration. To this end, we consider two approaches based on the behaviour of interest rates: the expectations hypothesis of the term structure of interest rates and real interest rate parity. Relying on cointegration techniques accounting for potential breaks, these two conditions are empirically investigated on various regional trade agreements. Our results show that customs unions, corresponding to step 3 of the Balassa?s classification, seem to be a decisive threshold after which financial integration robustly takes place. Classification JEL : C22, E43, F15.