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| Author: | Guiso, L. (et al.) |
| Title: | Financial market integration and economic growth in the EU |
| Journal: | Economic Policy
2004 : OCT, 40, p. 523, 525-577 |
| Index terms: | Financial markets Integration Growth European Union |
| Language: | eng |
| Abstract: | The current diversity in the degree of financial (hereafter as: fincl.) development (herafter as: dev.) across the European Union (EU) can be a great opportunity at a time with becoming increasingly fincl.-y integrated. Integration (hereafter as: intgr.) should accelerate the dev. of the most backward fincl. markets, and allow companies from these countries to access more sophisticated credit and security markets. It is reasonable to expect that fincl. intgr. will have a 'growth dividend' in Europe. This paper attempts to quantify this growth dividend, using both industry and firm-level data to estimate the empirical relationship btw. fincl. market dev. and growth, and to gauge how it will distribute itself across countries and sectors. |
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