This study provides a thorough assessment of the likely effects of financial market integration on the ability of European countries to grow faster and on how the possible benefits will be distributed among the Community countries and industries. It achieves several conclusions strongly...

This paper studies the global trade and financial market integration of the countries in Eastern Europe. The countries of Eastern Europe achieved two remarkable transitions in the short period of the last two decades: from plan to market and, then, in the run-up to and entry into the European...

This paper investigates the impact of globalization and integration on the relative benefits of country and industry diversification. Unlike previous models, our factor model allows asset exposures to vary with both structural changes and temporary fluctuations in the economic and financial...

The European Monetary Union (EMU) has been the single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods system. By eliminating exchange rate risk, EMU has eliminated a key obstacle to financial integration. But while a single...

The report provides a comprehensive analysis of Europe-East Asia interdependences (in terms of relative economic weights, trade and financial integration, trade and financial flows, exchange rate and wealth transfers). The prime motivation of the paper is that linkages between Europe and East...

Despite progress in implementing the internal market programme and the introduction of the euro, the EU still does not have a fully integrated financial market. Much has been achieved on the road towards integration, but there is more work still to do. The European Council at Lisbon set the key...

This paper analyses whether EU enlargement contributed to economic growth and real convergence in the ten new member countries from Central and Eastern. In this paper, we aim to check whether the EU enlargement contributed to economic growth of ten new member countries from Central and Eastern...

This report examines the process of economic and financial integration in East Asia in the light of Europe's experience. The report provides a comprehensive analysis of East Asian monetary and financial integration process (including a deep analysis of East Asia's response to the 1997-98...

This paper investigates whether risk sharing, measured as income and consumption smoothing, among countries in the EU and the European Economic and Monetary Union (EMU) has increased since the adoption of the euro. We ask: Have the recent increase in foreign equity and debt holdings been...