variables. Therefore, I derive a financial market stress indicator (FMSI) for Germany and the Euro Area using a dynamic … about 30 percent in the Euro Area. I show that the inclusion of the indicator significantly improves out …

Globalization and European integration are substantially changing the interregional division of labor in Europe and the … integration (such as the new economic geography, urbanization economics, and the theory of comparative advantages), surveys the …

The introduction of the euro is expected to increase capital mobility in Euroland. While, as in the US, a common … of the US with financial market integration can potentially serve as a benchmark for the integration effects. The paper … integration within the US tends to exceed that within Europe. Implications of barriers to the free mobility of capital for …

The ongoing process of European integration is likely to increase trade and factor mobility thereby increasing …

The introduction of the euro marks a milestone in the process of European financial market integration. This paper … analyzes the implications of the euro for cross-border banking activities. A portfolio model is used which captures the role of … banks as providers of informational and of risk-diversification services. By eliminating exchange rate risks, the euro …