From Fragmentation to Financial Integration in Europe

From Fragmentation to Financial Integration in Europe PDF

Author: Mr.Charles Enoch

Publisher: International Monetary Fund

Published: 2013-12-11

Total Pages: 524

ISBN-13: 148438766X

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From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level—the pendulum of financial integration and fragmentation—and at the micro level—the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.

Financial Integration in the European Union

Financial Integration in the European Union PDF

Author: Roman Matoušek

Publisher: Routledge

Published: 2012-03-15

Total Pages: 281

ISBN-13: 1136339701

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This edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU’s economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with ‘old’ EU countries. The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book’s contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today.

European Union

European Union PDF

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2013-03-15

Total Pages: 38

ISBN-13: 1475585624

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Political Economy of Financial Integration in Europe

Political Economy of Financial Integration in Europe PDF

Author: Jonathan Story

Publisher: Manchester University Press

Published: 1997

Total Pages: 356

ISBN-13: 9780719043130

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This volume traces the political, financial and economic steps towards financial union in Europe, focusing on the political economy of the process - notably the dynamics of a Europe of sovereign states.

Financial Fragmentation and Economic Growth in Europe

Financial Fragmentation and Economic Growth in Europe PDF

Author: Isabel Schnabel

Publisher:

Published: 2015

Total Pages: 46

ISBN-13:

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Using industry data from Eurostat and applying the Rajan-Zingales methodology, we investigate the real growth effects of banking sector integration in the European Union. Our sample stretches from 2000 until 2012 and includes the phase of rapid financial integration before the global financial crisis as well as the following phase of financial fragmentation and bank deleveraging. We find evidence that banking sector integration had a more than four times stronger growth effect during the crisis than in normal times. Growth effects are also stronger in times of domestic bank deleveraging. We conclude that concerns of European policy makers about fragmentation in the European banking sector are justified and that future reintegration is an important building block of future growth perspectives in the European Union.

Financial Market Integration and Growth

Financial Market Integration and Growth PDF

Author: Paul J.J. Welfens

Publisher: Springer Science & Business Media

Published: 2011-02-14

Total Pages: 411

ISBN-13: 3642162746

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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.

Financial Integration in Europe

Financial Integration in Europe PDF

Author: Harald A. Benink

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 212

ISBN-13: 9401118388

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One of the key issues relating to the perfonnance of national economies is the efficiency of the financial system which stands at the heart of the capital-allocation process. There are two aspects which define efficiency. Static efficiency involves the ali-in difference between rates of return provided to ultimate savers and the cost of funds to users. This 'gap', or spread, reflects the direct costs of production (operating and administrative costs, cost of capital, etc.). It also reflects losses incurred in the financial process, as well as any monopoly profits earned and liquidity premiums. Financial processes that are considered 'statically inefficient' are usually characterised by high 'spreads' due to high overhead costs, high losses, barriers to entry, and the like. Dynamic efficiency is characterised by high rates of financial product and process innovation through time. Successful product and process innovation broadens the menu of financial products available to ultimate issuers, ultimate savers, or other agents along the various financial process channels described above. Probably the most powerful catalyst affecting the competitive dynamics of the financial services industry has been technological change.

The Incomplete European Market for Financial Services

The Incomplete European Market for Financial Services PDF

Author: Paolo Cecchini

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 261

ISBN-13: 3642573649

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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.

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