Financial integration in the European Monetary Union:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London ; New York
Routledge
2020
|
| Series: | Banking, money and international finance
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Enthält Literaturnachweise und Index |
| Physical Description: | xviii, 123 Seiten Illustrationen |
| ISBN: | 9780367191122 |
Staff View
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Contents List offigures List of tables Preface 1 The role and functions of financial markets in economy The structure ofthefinancial market 1 Development offinancial markets and economic growth. Nexus or no nexus? 9 Some results of empirical research concerningfinancial market development and economic growth in the euro area 16 The data and model 16 Results ofmodels estimation 17 Concluding remarks 20 2 Integration of financial markets on an international scale Definitions of the international integration offinancial markets 24 Globalization and international integration of financial markets within regional monetary union contradiction or not? 25 Effects of international integration offinancial markets and economic growth 26 Barriers to the international integration offinancial markets 28 Integration offinancial markets and transmission of business fluctuations and economic shocks on an international scale 29
viii 3 Contents The role of financial market integration in the monetary union 33 The importance offinancial market integration in the monetary union - an overviewfrom the theoretical perspective 33 Financial market integration and synchronization of business cyclefluctuations and economic shocks. Shock absorption mechanism 37 Financial market integration and effectiveness of single monetary policy within the monetary union 41 4 The measures of financial market integration on an international scale 46 Classification offinancial market integration indicators on an international scale 46 Price-based indicators 47 Measures of money market integration 47 Measures of credit-and-deposit market integration 48 Measures ofthe treasury bond market integration 48 Measures ofthe corporate bond market integration 49 Measures concerning the integration ofmoney markets, credit-and-deposit markets and treasury bond markets on the basis ofthe beta and sigma convergence 50 Measure of equity market integration — country versus sector effects 51 News-based indicators 52 Measures ofbond market integration 52 Measures of equity market integration 53 Quantity-based indicators 55 Synthetic indicators offinancial market integration in the monetary union 56 Indicator ofrisk sharing 58 Feldstein—Horioka ’s saving-retention coefficient as a measure of internationalfinancial integration 59 5 What are the degrees of financial market integration within the EMU? Institutional aspects ofthe integration offinancial markets in the EMU 61 61
Contents ix Financial crisis of2008-2012 and changes in the financial market regulations in the European Union 69 The degree offinancial market integration in the eurozone 79 Money market 79 Bank deposit-and-credit market 82 Bond market 85 Equity market 85 Financial crisis, fragmentation offinancial market and recovery - a synthesis 88 How monetary policy during thefinancial crises influence degree offinancial market integration 91 Conclusions 95 6 Is the integration of financial markets one of the necessary criteria of advantageous monetary integration? (The case of equity markets in Slovenia and Slovakia) 101 Research objectives and hypothesis 101 The method and statistical data 102 Results of models estimation 103 Slovakia 103 Slovenia 105 Conclusions 106 7 Financial market integration of the potential candidate countries to the EMU with euro area financial markets (case study: equity markets) Research objectives and hypothesis 108 Data and models 108 Results of the models estimation 111 Time-series cointegration 111 The yields atfirst glance 112 Model: US֊euro area vs. CE. The integration ofthe US and the euro area markets with the Central European equity market 112 Model: US-UK vs. CE, which covers the integration ofthe US and the UK markets with the Central European equity market 112 Model: US—euro area vs. PL, which covers the integration ofthe US and the euro area markets with the Polish equity market 115 108
x Contents Model: US-UK vs. PL, which covers the integration of the US and the UK markets with the Polish equity market 115 Model: US֊euro area-UK vs. CE, which covers the integration ofthe US, the UK and the euro area markets with the Central European equity market 115 Model: US—euro area-UK vs. PL, which covers the integration of the US, the euro area and the UK with the Polish equity market 119 Conclusions 120 Index 122 |
| adam_txt |
Contents List offigures List of tables Preface 1 The role and functions of financial markets in economy The structure ofthefinancial market 1 Development offinancial markets and economic growth. Nexus or no nexus? 9 Some results of empirical research concerningfinancial market development and economic growth in the euro area 16 The data and model 16 Results ofmodels estimation 17 Concluding remarks 20 2 Integration of financial markets on an international scale Definitions of the international integration offinancial markets 24 Globalization and international integration of financial markets within regional monetary union contradiction or not? 25 Effects of international integration offinancial markets and economic growth 26 Barriers to the international integration offinancial markets 28 Integration offinancial markets and transmission of business fluctuations and economic shocks on an international scale 29
viii 3 Contents The role of financial market integration in the monetary union 33 The importance offinancial market integration in the monetary union - an overviewfrom the theoretical perspective 33 Financial market integration and synchronization of business cyclefluctuations and economic shocks. Shock absorption mechanism 37 Financial market integration and effectiveness of single monetary policy within the monetary union 41 4 The measures of financial market integration on an international scale 46 Classification offinancial market integration indicators on an international scale 46 Price-based indicators 47 Measures of money market integration 47 Measures of credit-and-deposit market integration 48 Measures ofthe treasury bond market integration 48 Measures ofthe corporate bond market integration 49 Measures concerning the integration ofmoney markets, credit-and-deposit markets and treasury bond markets on the basis ofthe beta and sigma convergence 50 Measure of equity market integration — country versus sector effects 51 News-based indicators 52 Measures ofbond market integration 52 Measures of equity market integration 53 Quantity-based indicators 55 Synthetic indicators offinancial market integration in the monetary union 56 Indicator ofrisk sharing 58 Feldstein—Horioka ’s saving-retention coefficient as a measure of internationalfinancial integration 59 5 What are the degrees of financial market integration within the EMU? Institutional aspects ofthe integration offinancial markets in the EMU 61 61
Contents ix Financial crisis of2008-2012 and changes in the financial market regulations in the European Union 69 The degree offinancial market integration in the eurozone 79 Money market 79 Bank deposit-and-credit market 82 Bond market 85 Equity market 85 Financial crisis, fragmentation offinancial market and recovery - a synthesis 88 How monetary policy during thefinancial crises influence degree offinancial market integration 91 Conclusions 95 6 Is the integration of financial markets one of the necessary criteria of advantageous monetary integration? (The case of equity markets in Slovenia and Slovakia) 101 Research objectives and hypothesis 101 The method and statistical data 102 Results of models estimation 103 Slovakia 103 Slovenia 105 Conclusions 106 7 Financial market integration of the potential candidate countries to the EMU with euro area financial markets (case study: equity markets) Research objectives and hypothesis 108 Data and models 108 Results of the models estimation 111 Time-series cointegration 111 The yields atfirst glance 112 Model: US֊euro area vs. CE. The integration ofthe US and the euro area markets with the Central European equity market 112 Model: US-UK vs. CE, which covers the integration ofthe US and the UK markets with the Central European equity market 112 Model: US—euro area vs. PL, which covers the integration ofthe US and the euro area markets with the Polish equity market 115 108
x Contents Model: US-UK vs. PL, which covers the integration of the US and the UK markets with the Polish equity market 115 Model: US֊euro area-UK vs. CE, which covers the integration ofthe US, the UK and the euro area markets with the Central European equity market 115 Model: US—euro area-UK vs. PL, which covers the integration of the US, the euro area and the UK with the Polish equity market 119 Conclusions 120 Index 122 |
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| index_date | 2024-07-03T14:09:48Z |
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| language | English |
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| spelling | Bukowski, Sławomir 1956- Verfasser (DE-588)170590569 aut Financial integration in the European Monetary Union Sławomir Ireneusz Bukowski London ; New York Routledge 2020 xviii, 123 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Banking, money and international finance Enthält Literaturnachweise und Index Europäische Union (DE-588)5098525-5 gnd rswk-swf Integration (DE-588)4027238-2 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Mitgliedsstaaten (DE-588)4170174-4 gnd rswk-swf Währungsunion (DE-588)4188829-7 gnd rswk-swf Economic and Monetary Union Finance / European Union countries Eurozone European Union countries / Economic conditions Europäische Union (DE-588)5098525-5 b Währungsunion (DE-588)4188829-7 s Mitgliedsstaaten (DE-588)4170174-4 s Kreditmarkt (DE-588)4073788-3 s Integration (DE-588)4027238-2 s b DE-604 Erscheint auch als Online-Ausgabe 978-0-429-20049-6 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032039111&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bukowski, Sławomir 1956- Financial integration in the European Monetary Union Europäische Union (DE-588)5098525-5 gnd Integration (DE-588)4027238-2 gnd Kreditmarkt (DE-588)4073788-3 gnd Mitgliedsstaaten (DE-588)4170174-4 gnd Währungsunion (DE-588)4188829-7 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4027238-2 (DE-588)4073788-3 (DE-588)4170174-4 (DE-588)4188829-7 |
| title | Financial integration in the European Monetary Union |
| title_auth | Financial integration in the European Monetary Union |
| title_exact_search | Financial integration in the European Monetary Union |
| title_exact_search_txtP | Financial integration in the European Monetary Union |
| title_full | Financial integration in the European Monetary Union Sławomir Ireneusz Bukowski |
| title_fullStr | Financial integration in the European Monetary Union Sławomir Ireneusz Bukowski |
| title_full_unstemmed | Financial integration in the European Monetary Union Sławomir Ireneusz Bukowski |
| title_short | Financial integration in the European Monetary Union |
| title_sort | financial integration in the european monetary union |
| topic | Europäische Union (DE-588)5098525-5 gnd Integration (DE-588)4027238-2 gnd Kreditmarkt (DE-588)4073788-3 gnd Mitgliedsstaaten (DE-588)4170174-4 gnd Währungsunion (DE-588)4188829-7 gnd |
| topic_facet | Europäische Union Integration Kreditmarkt Mitgliedsstaaten Währungsunion |
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