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| Author: | Schiavo, S. |
| Title: | Financial integration, GDP correlation and the endogeneity of optimum currency areas |
| Journal: | Economica
2008 : FEB, VOL. 75:297, p. 168-189 |
| Index terms: | business cycles European monetary system European Union euro financial markets integration policy |
| Language: | eng |
| Abstract: | The relationship among trade, financial integration and business cycle synchronization in the euro area is examined in this article. Evidence that capital market integration affects positively output correlation leads to two notable implications. It corroborates the hypothesis of the endogeneity of optimum currency areas and presents European policy-makers a new reason to aim at financial integration. |
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