Apergis, Nicholas; Gabrielsen, Alexandros; Payne, James E. - In: International Journal of Monetary Economics and Finance 5 (2012) 2, pp. 210-221
This short communication examines the convergence of the Tier 1 capital ratio in the banking sector across the EMU. The study applies the Phillips-Sul convergence and clustering algorithm for 251 European banks over annual periods from 1990 to 2010. The null hypothesis of full convergence is...