This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of “emerging...

Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that has been built up over the last two decades or more....

Financial integration is the process that has been occurring in the European Union for many years and that intensified after adoption of the common currency in 1999. This paper discusses the theoretical framework of financial integration, particularly the definition, typology, benefits and...

After completing the painful transition of the 1990s, former communist countries enjoyed a period of rapid economic growth which was underpinned by three groups of factors: (i) benefits of market reforms and transition-related restructuring in the 1990s; (ii) increasing participation in the...

The main conclusions of this paper are the following. In order to minimize switching costs, the name of the new EU currency should be the Deutschmark. Differential national requirements for seigniorage revenue provide a weak case for retaining national monetary independence. From the point of...

The reform of financial supervision is seen as the key step to make the Eurozone and in the broader sense European Union less vulnerable to financial and economic crises. Many economists point, that the ultimate objective of such endeavours should be the establishment of the banking union. The...

In a dynamic panel framework, I investigate the qualitative aspects of factors determining current account imbalances in (country groupings within) the European Union. I consider the standard determinants of current account positions discussed in the past literature, but additionally, I include...

In a dynamic panel framework, I investigate the qualitative aspects of factors determining current account imbalances in (country groupings within) the European Union. I consider the standard determinants of current account positions discussed in the past literature, but additionally, I include...

Started in the second half of the 19th century with the creation of the Latin Monetary Union (1865), the European integration has often outrun the economic theories, due to the visionary minds of its initiators that have placed the economic and monetary integration process, from the very...

In this paper, we want to analyse how efficiency evolves in the European Union 28 over the period 2003 – 2012. This period is selected to highlight the evolution before and after the global financial crisis. We used a sample of over 1000 banks with data available for at least ten years and at...