Bruno, Giuseppe; De Bonis, Riccardo; Silvestrini, Andrea - In: Journal of Comparative Economics 40 (2012) 1, pp. 141-155
The objective of this paper is to study the issue of convergence of financial systems through the lens of asset allocation. It examines β- and σ-convergence of the most important financial instruments: deposits, debt securities, shares and insurance products. The analysis is conducted on two...