EIB Working Paper 2022/15 - Estimating financial integration in Europe
"Financial integration, broadly defined as the intensity of cross-border linkages between financial markets, has the potential to channel capital to where it is most productive, bringing many benefits. However, some financial integration is cyclical, increasing economic upswings and declining during...
Spremljeno u:
| Glavni autor: | |
|---|---|
| Format: | Online |
| Jezik: | engleski |
| Izdano: |
European Investment Bank
2022
|
| Teme: | |
| Online pristup: | https://library.oapen.org/handle/20.500.12657/60259 |
| Oznake: |
Bez oznaka, Budi prvi tko označuje ovaj zapis!
|
| _version_ | 1869524011804786688 |
|---|---|
| author | European Investment Bank |
| author_browse | European Investment Bank |
| author_facet | European Investment Bank |
| author_sort | European Investment Bank |
| collection | Directory of Open Access Books |
| description | "Financial integration, broadly defined as the intensity of cross-border linkages between financial markets, has the potential to channel capital to where it is most productive, bringing many benefits. However, some financial integration is cyclical, increasing economic upswings and declining during down-turns. Of more long-term benefit is financial integration driven by structural factors such as the reductions in exchange rate risk and the increased regulatory or supervisory convergence associated with the establishment of a currency union, such as Europe’s Economic and Monetary Union. This paper presents a new indicator of de facto financial integration in the European Union. Analysing this indicator alongside different financial and macroeconomic variables makes it possible to separate the impact of cyclical boom-bust shocks from the influence structural factors. It shows that increasing structural financial integration tends to improve risk absorption and reduce income disparities among European countries. However, it also suggests that most of the movements in the indicator reflect business cycle dynamics, rather than structural integration. These results highlight the need to develop further policies to foster structural financial integration in the EU." |
| format | Online |
| id | doab-20.500.12854ir-95436 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2022 |
| publishDateRange | 2022 |
| publishDateSort | 2022 |
| publisher | European Investment Bank |
| publisherStr | European Investment Bank |
| record_format | ojs |
| spelling | doab-20.500.12854ir-954362025-07-30T19:55:30Z EIB Working Paper 2022/15 - Estimating financial integration in Europe European Investment Bank Business & Economics thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management "Financial integration, broadly defined as the intensity of cross-border linkages between financial markets, has the potential to channel capital to where it is most productive, bringing many benefits. However, some financial integration is cyclical, increasing economic upswings and declining during down-turns. Of more long-term benefit is financial integration driven by structural factors such as the reductions in exchange rate risk and the increased regulatory or supervisory convergence associated with the establishment of a currency union, such as Europe’s Economic and Monetary Union. This paper presents a new indicator of de facto financial integration in the European Union. Analysing this indicator alongside different financial and macroeconomic variables makes it possible to separate the impact of cyclical boom-bust shocks from the influence structural factors. It shows that increasing structural financial integration tends to improve risk absorption and reduce income disparities among European countries. However, it also suggests that most of the movements in the indicator reflect business cycle dynamics, rather than structural integration. These results highlight the need to develop further policies to foster structural financial integration in the EU." 2022-12-17T04:01:57Z 2022-12-17T04:01:57Z 2022-12-16T05:30:56Z 2022 book https://library.oapen.org/handle/20.500.12657/60259 9789286154089 https://directory.doabooks.org/handle/20.500.12854/95436 eng open access image/jpeg image/jpeg image/jpeg image/jpeg Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International https://library.oapen.org/bitstream/20.500.12657/60259/1/20220257_economics_working_paper_2022_15_en.pdf https://library.oapen.org/bitstream/20.500.12657/60259/1/20220257_economics_working_paper_2022_15_en.pdf https://library.oapen.org/bitstream/20.500.12657/60259/1/20220257_economics_working_paper_2022_15_en.pdf https://library.oapen.org/bitstream/20.500.12657/60259/1/20220257_economics_working_paper_2022_15_en.pdf European Investment Bank European Investment Bank 10.2867/255979 10.2867/255979 feca012f-a3d8-4aac-95aa-b6cf4bdbed7c Knowledge Unlatched 9789286154089 Knowledge Unlatched (KU) KU Open Services European Investment Bank open access |
| spellingShingle | Business & Economics thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management European Investment Bank EIB Working Paper 2022/15 - Estimating financial integration in Europe |
| title | EIB Working Paper 2022/15 - Estimating financial integration in Europe |
| title_full | EIB Working Paper 2022/15 - Estimating financial integration in Europe |
| title_fullStr | EIB Working Paper 2022/15 - Estimating financial integration in Europe |
| title_full_unstemmed | EIB Working Paper 2022/15 - Estimating financial integration in Europe |
| title_short | EIB Working Paper 2022/15 - Estimating financial integration in Europe |
| title_sort | eib working paper 2022 15 estimating financial integration in europe |
| topic | Business & Economics thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management |
| topic_facet | Business & Economics thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management |
| url | https://library.oapen.org/handle/20.500.12657/60259 |
| work_keys_str_mv | AT europeaninvestmentbank eibworkingpaper202215estimatingfinancialintegrationineurope |