This paper compares the behavior of real interest rate differentials across the major countries under the Bretton Woods regime and the regime of floating exchanges that replaced it. The primary object is to investigate both the extent of market integration and its changes over time. For all...

Cross-country integration of banking in Europe typically has been analyzed from the perspective of particular markets for financial products. We extend this research to consider the potential effects of market integration on the portfolio choices and financial structure of banks in seven...

The process of European integration has gained considerable momentum during the past couple of years. This paper provides an assessment of the degree of integration of both the accession states of central and eastern Europe and of the pre-ins for monetary union with respect to Germany. Using...

I construct a time-series measure of currency redenomination risk in French, Italian, and German government bonds based on two types of CDS contracts. I use the measure to assess how the event of a French or Italian eurozone exit is priced in the cross-section of eurozone sovereign bonds. Yields...