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Integrating Financial Markets in the European Union
This timely book provides an innovative examination of financial integration in the European Union – an issue that has become of paramount importance in view of the commencement of European Economic and Monetary Union.
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Critical Acclaim
Contents
More Information
This timely book provides an innovative examination of financial integration in the European Union – an issue that has become of paramount importance in view of the commencement of European Economic and Monetary Union.
The author begins by assessing three different methods of financial integration in the European Union: interest parity conditions, savings–investment correlations and consumption correlations. He goes on to examine the fundamental determinants of financial integration and analyses the factors likely to influence the movement of capital within the European Union. The blend of empirical and theoretical research provides the reader with a comprehensive account of the progress made in integrating financial markets in the European Union.
Integrating Financial Markets in the European Union will be essential reading for students and scholars of monetary economics, international finance and European integration. It will also prove useful to practitioners and policymakers working in central banking and government.
The author begins by assessing three different methods of financial integration in the European Union: interest parity conditions, savings–investment correlations and consumption correlations. He goes on to examine the fundamental determinants of financial integration and analyses the factors likely to influence the movement of capital within the European Union. The blend of empirical and theoretical research provides the reader with a comprehensive account of the progress made in integrating financial markets in the European Union.
Integrating Financial Markets in the European Union will be essential reading for students and scholars of monetary economics, international finance and European integration. It will also prove useful to practitioners and policymakers working in central banking and government.
Critical Acclaim
‘. . . scholars of monetary economics and international finance specialising in European integration will find the book timely and useful.’
– Anand N. Asthana, Kyklos
‘The historical process of economic integration within the EU offers a unique occasion to test for the three conventional measures of financial integration: interest parity conditions, saving-investments correlations and consumption correlations. Covering these points with an exhaustive empirical analysis has definitely not been an easy task, but one which this book has largely fulfilled, by handling an impressive number of datasets and providing a great range of results, with different methodologies, for all the EU countries. Its clear exposition and the impressive number of methodologies employed makes of this study a sort of complete handbook of the mainstream empirical tests of financial integration and mobility, applied to the case of EU.’
– Marco Mazzoli, Economic Notes
‘The blend of empirical and theoretical research provides the reader with a comprehensive account of the progress made in integrating financial markets in the EU.’
– European Access
‘EMU, which is planned to start in January 1999, will present a significant challenge for Europe. The book by Jan Lemmen will help to make policy makers more aware of the new environment brought about by EMU. The book greatly contributes towards a better understanding of the effects of regulation and withholding taxation on the extent and direction of capital flows in the European Union.’
– Charles A.E. Goodhart, London School of Economics, UK
– Anand N. Asthana, Kyklos
‘The historical process of economic integration within the EU offers a unique occasion to test for the three conventional measures of financial integration: interest parity conditions, saving-investments correlations and consumption correlations. Covering these points with an exhaustive empirical analysis has definitely not been an easy task, but one which this book has largely fulfilled, by handling an impressive number of datasets and providing a great range of results, with different methodologies, for all the EU countries. Its clear exposition and the impressive number of methodologies employed makes of this study a sort of complete handbook of the mainstream empirical tests of financial integration and mobility, applied to the case of EU.’
– Marco Mazzoli, Economic Notes
‘The blend of empirical and theoretical research provides the reader with a comprehensive account of the progress made in integrating financial markets in the EU.’
– European Access
‘EMU, which is planned to start in January 1999, will present a significant challenge for Europe. The book by Jan Lemmen will help to make policy makers more aware of the new environment brought about by EMU. The book greatly contributes towards a better understanding of the effects of regulation and withholding taxation on the extent and direction of capital flows in the European Union.’
– Charles A.E. Goodhart, London School of Economics, UK
Contents
Contents: 1. Integrating Financial Markets in the European Union: An Introduction Part I: The Measurement of Financial Integration 2. The Price Approach to Financial Integration: Decomposing European Money Market Interest Differentials 3. The Quantity Approach to Financial Integration: The Feldstein-Horioka Criterion Revisited 4. Financial Integration in Europe: Evidence from Euler Equation Tests Part II: The Determination of Financial Integration 5. The Fundamental Determinants of Financial Integration in the European Union 6. Short-term and Long-term Government Debt and Nonresident Interest Withholding Taxes Part III: Conclusion 7. Summary and Conclusions
