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potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis …“. While several reforms related to the institutional architecture of the euro area, such as major parts of the banking union …, have been implemented successfully, the eminent design feature of the euro area that nourishes fragmentation and flight to …
Persistent link: https://www.econbiz.de/10012051172
This paper revisits financial market integration in the European Economic and Monetary Union, using a threshold vector error-correction model (TVECM) for a fixed rolling window. This approach enables us to analyze the dynamics of transaction costs and detect any co-movements with (policy...
Persistent link: https://www.econbiz.de/10013316906
number of weaknesses in the approach taken in the eurozone. In Europe, there was an unresolved tension between the so …
Persistent link: https://www.econbiz.de/10010367480
After a period of deepening financial integration, the financial crisis triggered a fragmentation of Europe’s capital markets along national lines. Financial integration was prone to sudden stops and capital reversals because cross-border capital flows predominantly consisted of short-term...
Persistent link: https://www.econbiz.de/10011916008
Persistent link: https://www.econbiz.de/10012031246
the introduction of euro. This book contributes by applying co-integration techniques, within which correlation matrix and …
Persistent link: https://www.econbiz.de/10013049408
The Capital Markets Union (CMU) is a flagship project of the European Commission that promotes a deepening of the financial markets. It aims at opening up new sources of funding for SMEs, as well as improving the matching between savers and borrowers. Additionally, CMU is supposed to increase...
Persistent link: https://www.econbiz.de/10011915978
' stock markets with the eurozone only. Hence, this paper aims to investigate, compare and interpret integration among stock … and the eurozone equity market within 2004-2018. The added value of this article consists especially in using a wider … spectrum of econometric tools (cointegration, VAR model, Granger causality, variance decomposition) and comparison of changes …
Persistent link: https://www.econbiz.de/10012939609
This paper reviews the East Asian experience with financial integration, how economies in the region have responded to shocks, and what they may do to continue to thrive in the future. It discusses openness to capital flows as a key aspect of financial integration, briefly considering the...
Persistent link: https://www.econbiz.de/10010195689
This paper analyzes market integration among long term government bonds in the Eurozone since the inception of the Euro …
Persistent link: https://www.econbiz.de/10011813723