Download or read book How Integrated are the European Retail Financial Markets A Cointegration Analysis written by Martin Schüler and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this distinction between wholesale and retail markets becomes crucial. There is a wide literature relating to integration of wholesale financial markets but just a few studies that try to measure integration in European retail markets. This paper, in a first step, gives a systematisation of the literature on measuring financial market integration with a focus on the distinction between wholesale and retail financial markets. In a second step, bivariate and multivariate cointegration techniques are used to assess the degree of integration in four loans and two deposit markets in the European Union. Finally, based on this analysis obstacles to financial market integration are discussed.

Download or read book How Integrated are the European Retail Financial Markets written by Martin Schüler and published by . This book was released on 2002 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this distinction between wholesale and retail markets becomes crucial. There is a wide literature relating to integration of wholesale financial markets but just a few studies that try to measure integration in European retail markets. This paper, in a first step, gives a systematisation of the literature on measuring financial market integration with a focus on the distinction between wholesale and retail financial markets. In a second step, bivariate and multivariate cointegration techniques are used to assess the degree of integration in four loans and two deposit markets in the European Union. Finally, based on this analysis obstacles to financial market integration are discussed.

Download or read book The Incomplete European Market for Financial Services written by Paolo Cecchini and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking back over the last decade it can be said with some justification that sig nificant progress has been achieved on the way towards fully integrated financial markets in Europe. The 1993 Internal Market initiative and the Euro introduction in 1999/2002 constitute important milestones. The integration process has further been intensified by market developments like the surge in mergers and acquisi tions and by technological innovations like internet based distribution. As a result, some market segments today do no longer have a national character. Nevertheless, this success should not obscure the fact that integration of financial services markets is still a long way from the level of integration that exists within national markets. Particularly for retail financial services national borders still constitute a considerable de facto barrier. The absence of frequent direct cross border links between financial service providers and retail consumers holds true despite the fact that the Euro has made product comparisons easier and that the internet has reduced information costs to a considerable extent.

Download or read book Financial Market Integration and Growth written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2011-02-14 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.

Download or read book The Integration of the Central and East European Equity Markets Into the International Capital Markets written by Thomas Linne and published by . This book was released on 1998 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Integrating Retail Financial Markets in Europe written by Rym Ayadi and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis has damaged consumer confidence in the financial services market of the European Union. Trillions of euros in losses and government bailouts have been born partially by taxpayers, small investors, and retail customers in several member states. Against this background, Rym Ayadi argues that European policymakers ought to rethink their approach to financial market integration in order to continue the construction of the internal market for retail financial services. Urgent efforts should be taken to ensure financial safety for retail consumers and to enhance consumer protection at the EU level. To restore market and consumer confidence in retail financial services, Ayadi calls for the implementation of European frameworks for financial safety, regulation, and consumer protection.

Download or read book Financial Market Integration and Growth written by Paul J.J. Welfens and published by Springer. This book was released on 2011-02-14 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.

Download or read book Integrating Financial Markets in the European Union written by Jan Lemmen and published by Edward Elgar Publishing. This book was released on 1998 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the financial integration in the European Union by first assessing three different methods of measuring financial integration in the EU: interest parity conditions, savings-investment correlations, and consumption correlations. The fundamental determinants of financial integration and the factors likely to influence the movement of capital are also analyzed using both empirical and theoretical research. Finally, the conclusion summarizes the results of the three most influential methods to measure the degree of financial integration. Annotation copyrighted by Book News, Inc., Portland, OR

Download or read book Cointegration of International Stock Market Indices written by Ray Y. Chou and published by International Monetary Fund. This book was released on 1994-08 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we derive evidence on the integration of international stock markets from the cointegration properties of international stock market prices. Using the multivariate cointegration test of Johansen, we find that the set of six country stock price indices, including that of the United States, Canada, the United Kingdom, France, Germany, and Japan are cointegrated. The results suggest that there are long-run equilibrium relationships among the stock market prices. Subsample and subgroup analyses also indicate that the cointegration relationships have become stronger over time. This is consistent with greater stock market integration amid the increasing liberalization and globalization of capital markets.

Download or read book A Co Integration Analysis Approach to European Union Integration written by Ceylan Onay and published by . This book was released on 2008 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the long-term financial integration of second-round acceding and candidate countries' with the European Union and the US stock markets during the Accession Process. The lowpair wise correlations between these markets imply portfolio diversification opportunities, yet correlation is a short-term measure. The long-term stock market interdependence is analyzed with Johansen (1991) cointegration approach, which indicates no long-term relationship between the second-round countries and the EU and US stock markets. Yet Engle-Granger (1987) causality test presents evidence of a casual flow from European and US equity markets to Croatian stock market and from Turkish Stock market to Bulgarian stock market suggesting a short-term lead-lag relationship amongst. The results indicate that the completion of accession negotiations with Bulgaria and Romania and ongoing negotiations with Croatia and Turkey have not yet resulted in the complete financial integration of these markets with the European Union. They still offer significant long-term diversification opportunities for the European as well as the US investors.

Download or read book The European Union written by Ali M. El-Agraa and published by Cambridge University Press. This book was released on 2011-09-08 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union has established itself as a leading text that provides readers from all disciplines with a sound understanding of the economics and policies of the EU. Its wealth of information, detail and analysis has ensured that previous editions have been read by a generation of students, researchers and policy makers. It covers all major EU policy areas as well as theories of economic integration, the theory of economic and monetary union (EMU), the measurement of the economic effects of European integration and the legal dimension in EU integration. It also includes an explanation and analysis of all recent developments affecting the EU such as enlargement, the ratification of the Nice Treaty and the Convention for the Future of Europe. This edition has been thoroughly revised and updated and includes new resources to help students and teachers, including summaries, review questions, suggestions for essay titles and further reading lists.

Download or read book Assessing Financial Integration written by Rossella Calvi and published by . This book was released on 2010 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Two parallel analyses are carried out in order to assess the degree of integration of financial markets within Europe, within East Asia, between these two regions, and with the external financial community. The investigation is based on cointegration and Granger causality techniques, to detect the presence of short-run and long-run cross-country relationships in equity and bond markets. The empirical analysis performed for seven European and eleven East Asian financial markets confirms that in Europe financial integration is significantly more advanced than in East Asia. It provides evidence in favour of the fact that the level of integration between bond markets is higher than between equity markets within Europe, whilst the opposite holds true in the East Asian region. An increase in the number of short and long-run relationships in European bond and equity markets is found after the introduction of the Euro in 1999, especially if only EMU countries are considered. In addition, the parallel analysis on East Asia points out that financial integration in Asia is still in its infancy although an increase in the level of integration of equity markets in the last ten years can be recorded. Finally, East Asian bond markets display little evidence of co-movement, despite the recent initiatives launched in order to increase financial integration in the region."--Publication information page.

Download or read book Building a Dynamic Europe written by Jordi Gual i Sole and published by Cambridge University Press. This book was released on 2004-01-15 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This succinct book provides a broad panorama of the key economic policy challenges facing the European Union today. The enlargement of the EU and its lacklustre performance over the last decade in terms of employment and productivity growth have prompted wide-ranging calls for economic reform, both at the EU level and within member states. This volume brings together several leading thinkers in the key areas of policy under discussion, ranging from the institutional design of the enlarged EU for efficient policy making, to the extent and nature of the integration process in markets such as those of energy and financial services. It includes an analysis of the problems of macroeconomic policy co-ordination in the EU and an analysis of the reforms in the labour markets and welfare state institutions. Timely and authoritative, this book is accessibly written and will appeal to a wide policy audience.

Download or read book Internet Banking and the Law in Europe written by Apostolos Ath. Gkoutzinis and published by Cambridge University Press. This book was released on 2006-11-02 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union has long sought to create a single financial area across Europe where consumers in one country benefit from financial markets and activities in other countries. With the emergence of the Internet as a platform for the provision of online banking services, the creation of a pan-European market for banking services appeared a realistic proposition. In practice, however, this has not happened. This book asks why and argues that the creation of banking markets via the Internet relies on both available technologies and appropriate laws and regulations. The institutional and legal framework for online banking services in the single European market are examined, as is the level of legal harmonization achieved in the UK, France and Germany under the influence of the EU Directives pertaining to online banking activities.

Download or read book Integrating Europe s Retail Banking Market written by Stefanie Kleimeier and published by . This book was released on 2007 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report offers a comprehensive survey of recent empirical research on the state and development of retail banking integration in Europe. The authors, Stefanie Kleimeier and Harald Sander, document a broad consensus that retail banking integration is still limited, although it seems to have recently gained momentum. Kleimeier and Sander find, however, that there is less agreement on how to measure the phenomenon. They warn that the various types of integration measures should be interpreted with care, due to their shortcomings and in order to avoid jumping to the wrong policy conclusion. In their view, the recent acceleration in integration has been driven mostly by wholesale financial market integration and more general financial developments. The authors conclude that integration policies need to be supplemented by competition, financial development, and financial stability policies.

Download or read book The World Trade Organization and Trade in Services written by Kern Alexander and published by BRILL. This book was released on 2008 with total page 1025 pages. Available in PDF, EPUB and Kindle. Book excerpt: The World Trade Organisation plays the primary role in regulating international trade in goods, services and intellectual property. Traditionally, international trade law and regulation has been analysed primarily from the trade-in-goods perspective. Services are becoming an important competence for the WTO. The institutional, legal and regulatory influence of the General Agreement on Trade in Services (GATS) on domestic economic policymaking is attracting increasing attention in the academic and policymaking literature. The growing importance of services trade to the global economy makes the application of the GATS to trade in services an important concern of international economic policy. The GATS contains important innovations that build on the former GATT and existing WTO/GATT trade regime for goods. This book fills a void in the academic and policymaking literature by examining how the GATS governs international trade in services and its growing impact on the regulatory practice of WTO member states. It offers a unique discussion of the major is-sues confronting WTO member states by analysing the GATS and related international trade issues from a variety of perspectives that include law, political economy, regulation, and business. Moreover, the role of the WTO in promoting liberalised trade and economic development has come under serious strain because of the breakdown of the Doha Development Round negotiations. The book analyses the issues in the Doha services debate with some suggested policy approaches that might help build a more durable GATS framework. The book is a welcomed addition to the WTO literature and will serve as a point of reference for academics, policymakers andpractitioners.

Download or read book Exchange and Regulation in European Capital Markets written by Markus Lederer and published by Lit Verlag. This book was released on 2003 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores how the wild beast of finance can be better understood and controlled. Using the framework of exchange and regulation, European capital markets are analyzed and it is shown that a common European area of financial exchange has developed. Concerning financial regulation, one can see that the EU has become the most dominant rule setter and the regulation established can be interpreted as being of a statutory kind. Showing the shortcomings of this process, the set-up of a more transparent mega-regulator to control all financial market segments and financial agents is proposed.