Financial Integration and European Tourism Stocks

The Euro and European Financial Market Integration

We use a time-varying copula model to investigate the impact of the introduction of the Euro on the dependence between seventeen European stock markets during the period 1994-2003. The model is implemented with a GJR-GARCH-t model for marginal distributions and the Gaussian copula for the joint distribution, which allows capturing time-varying, non-linear relationships. The results show that wi...

Integration of European Banking and Financial Markets

This paper investigates banking and capital market developments in Europe and the moves towards the creation of a single financial services market. A critical element in the integration process is the success of the EU's Financial Services Action Plan (FSAP). This seeks to introduce a wide range of legislation aimed at reducing barriers and promoting cross-border trade in financial services esp...

European Financial Market Integration, Private Investment and Employment Creation

The process of financial integration in Europe has gathered pace in recent years with the introduction of the EMU, but reflects a much longer and deeper process of capital market liberalisation and expansion of large financial intermediaries. This process has been extensively studied, but mainly from the point of view of financial market efficiency – particularly the degree of inter-bank bank c...

European Financial Stability and Integration - Report 2012 (April 2013)

Regional Financial Market Integration: Learning from the European Experience.PDF

The view and interpretations in this document are those of the authors and should not be attributed to the Inter-American Development Bank, or to any individual acting on its behalf.