This paper examines the usefulness of asset prices in predicting recessions in the G-7 countries. It finds that asset price drops are significantly associated with the beginning of a recession in these countries. In particular, the marginal effect of an equity/house price drop on the likelihood...

By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges going forward? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single...

The paper compares the degree of capital market integration across euro-area countries with that across regions in Italy and provinces in Canada. Analyzing saving-investment correlations, and developing as well as fitting to the data a model of capital flows, reveal no compelling differences...

By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial...

By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges going forward? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single...