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Measuring financial integration in the euro area

Baele, Lieven; Ferrando, Annalisa; Hördahl, Peter; … - European Central Bank - 2004

In this paper, we present a set of specific measures to quantify the state and evolution of financial integration in the euro area. Five key markets are considered, namely the money, corporate bond, government bond, credit and equity markets. Building upon the law of one price, we developed two...

Persistent link: https://www.econbiz.de/10005816123

Global bond portfolios and EMU

Lane, Philip R. - European Central Bank - 2005

We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member … countries. We find considerable support for “euro area bias”: EMU member countries disproportionately invest in one another … linkages in explaining asymmetries across EMU member countries in terms of their outward and inward bond investments vis …

Persistent link: https://www.econbiz.de/10005816164

The impact of the euro on money and bond markets

Santillán, Javier; Bayle, Marc; Thygesen, Christian - European Central Bank - 2000

for the different segments. However, there remain room for further integration after the first year of Stage III of EMU …

Persistent link: https://www.econbiz.de/10004969144

eMu and european government bond market integration

Alonso Abad, Maria Pilar; Chuliá, Helena; Gómez-Puig, … - European Central Bank - 2009

and Eurozone risk) on Governmentbond returns, in the two groups of countries (EMU and non-EMU) in EU-15. Ourempirical …

Persistent link: https://www.econbiz.de/10005866480

Business cycle synchronisation: disentangling trade and financial linkages

Dées, Stéphane; Zorell, Nico - European Central Bank - 2011

Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....

Persistent link: https://www.econbiz.de/10008917866

Financial imbalances and financial fragility

Boissay, Frédéric - European Central Bank - 2011

This paper develops a general equilibrium model to analyze the link between financial imbalances and financial crises. The model features an interbank market subject to frictions and where two equilibria may (co-)exist. The normal times equilibrium is characterized by a deep market with highly...

Persistent link: https://www.econbiz.de/10008922897

The euro at ten - lessons and challenges, 5th ECB Central Banking Conference, 13-14 November 2008

Mackowiak, Bartosz (contributor); … - European Central Bank

This volume contains a collection of papers, commentaries and speeches concerning the first decade of the euro and the recent global financial crisis.

Persistent link: https://www.econbiz.de/10009209885

Financial integration, specialization and systemic risk

Fecht, Falko; Grüner, Hans Peter; Hartmann, Philipp - European Central Bank - 2012

This paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When...

Persistent link: https://www.econbiz.de/10010686729

Determinants of banking system fragility: a regional perspective

Degryse, Hans; Elahi, Muhammad Ather; Penas, María Fabiana - European Central Bank - 2013

We study the role of regional banking system characteristics for regional banking system fragility in Asia, Europe, Latin America and the US. We find that regional banking system fragility reduces when banks in the region jointly hold more liquid assets, are better capitalized, and when regional...

Persistent link: https://www.econbiz.de/10010686738

Convergence in European retail payments

Martikainen, Emmi; Schmiedel, Heiko; Takalo, Tuomas - European Central Bank - 2013

Financial integration in some segments of the financial markets started to deteriorate during the recent period of economic turmoil in Europe. This paper examines whether this phenomenon also holds true for the European retail payments market. In comparison with other segments of the financial...

Persistent link: https://www.econbiz.de/10010693509