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We examine time-invariant and time-varying market integration across European stock markets. Market integration has been increasing especially during the crisis period. Among others, market capitalization, technological developments and overall political uncertainty drive financial integration...
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This paper presents a detailed set of new, quantity-based indicators of financial integration in the euro area. The …-border investment activity from the banking sector towards other non-bank financial entities. In particular, our results show that euro … area banks significantly decreased their investment in debt securities issued by banks in other euro area countries and …
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distinct convergence clubs, with the euro area and the United States respectively at their core. In line with the theoretical …
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