haku: @author Kleimeier, S. / yhteensä: 1
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| Tekijä: | Kleimeier, S. Sander, H. |
| Otsikko: | Regionalisation versus globalisation in European financial market integration: Evidence from co-integration analyses |
| Lehti: | Journal of Banking and Finance
2000 : JUN, VOL. 24:6, p. 1005-1043 |
| Asiasana: | Economic integration European Union Financial markets Interest rates Globalization USA Japan |
| Vapaa asiasana: | Regionalization Co-integration |
| Kieli: | eng |
| Tiivistelmä: | Motivated by recent regulatory changes, this study investigates the degree of integration in retail lending in 6 European Union (EU) countries (Belgium, France, Germany, Italy, Netherlands, the U.K.), using co-integration methodology allowing to investigate the presence and effects of structural breaks. While in the pre-break period, integration was detected to a limited degree, the evidence for integration weakened in the post-1992 period. This could however reflect a convergence process, particularly with respect to spreads. This result is clearly a regional, not a global phenomenon. As European lending rates are not yet fully integrated, the still segmented financial markets pose a challenge for a unified monetary policy. |
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