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Author: Amir N. Licht Publisher: ISBN: Category : Languages : en Pages :
Book Description
Western Europe today boasts some 35 stock exchanges. It is almost unanimously agreed that this number is too high and that in the future, European stock markets are likely to become fewer in number and more internationalized in their listings, trading, and membership.Europe has also witnessed more exercises in stock market integration compared with any other region in the world. Initiatives toward this end were undertaken by regulators as well as the private sector (stock exchanges and investors). Consequently, Europe may be viewed as a gigantic laboratory in which real-life experiments in stock market integration were held. The fact that most of those efforts had failed or were abandoned first attests to the difficulties in achieving this goal. It may also indicate the conditions which should be more conductive to success. The paper attempts to tell the story of European stock market integration in a way that highlights the difficulties in attaining cooperation and the tools that were used to overcome them.The main theme of this paper is that this integration process can only be understood as an integral part of a broader economic and political integration which EU countries have been pursuing for some 40 years. The European experience shows that considerable compromises are required for bringing about stock market integration. It is the broader framework of the EU, with its institutions, political implications, and momentum, that ensures that stock market integration proceeds on track, even if with occasional halts.
Author: Amir N. Licht Publisher: ISBN: Category : Languages : en Pages :
Book Description
Western Europe today boasts some 35 stock exchanges. It is almost unanimously agreed that this number is too high and that in the future, European stock markets are likely to become fewer in number and more internationalized in their listings, trading, and membership.Europe has also witnessed more exercises in stock market integration compared with any other region in the world. Initiatives toward this end were undertaken by regulators as well as the private sector (stock exchanges and investors). Consequently, Europe may be viewed as a gigantic laboratory in which real-life experiments in stock market integration were held. The fact that most of those efforts had failed or were abandoned first attests to the difficulties in achieving this goal. It may also indicate the conditions which should be more conductive to success. The paper attempts to tell the story of European stock market integration in a way that highlights the difficulties in attaining cooperation and the tools that were used to overcome them.The main theme of this paper is that this integration process can only be understood as an integral part of a broader economic and political integration which EU countries have been pursuing for some 40 years. The European experience shows that considerable compromises are required for bringing about stock market integration. It is the broader framework of the EU, with its institutions, political implications, and momentum, that ensures that stock market integration proceeds on track, even if with occasional halts.
Author: Mr.Jörg Decressin Publisher: International Monetary Fund ISBN: 1589066235 Category : Business & Economics Languages : en Pages : 281
Book Description
By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the European Union with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.
Author: Roman Horvath Publisher: ISBN: Category : Languages : en Pages :
Book Description
We examine the international stock market comovements between Western Europe vis-à-vis Central (Czech Republic, Hungary and Poland) and South Eastern Europe (Croatia, Macedonia and Serbia) using multivariate GARCH models in the period 2006-2011. Comparing these two groups, we find that the degree of comovements is much higher for Central Europe. The correlation of South Eastern European stock markets with developed markets is essentially zero. An exemption to this regularity is Croatia, with its stock market displaying a greater degree of integration toward Western Europe recently, but still below the levels typical for Central Europe. All stock markets fall strongly at the beginning of the global financial crisis and we do not find that the crisis altered the degree of stock market integration between these groups of countries.
Author: Scott McCleskey Publisher: Butterworth-Heinemann ISBN: 9780750657457 Category : Business & Economics Languages : en Pages : 184
Book Description
Providing an overview of the infrastructure of European Securities markets, this text offers topical analysis of developments and trends in market integration. The author provides industry professionals with a concise exposition of how the post-Euro market works, as well as offering laymen an entry point into the subject. Topics include: wholesale electronic execution; central counterpart clearing; and consolidation of the securities depositories.
Author: E. Dorodnykh Publisher: Springer ISBN: 1137381701 Category : Business & Economics Languages : en Pages : 156
Book Description
This book provides an original approach to the determinants of stock exchange integration. With case studies of successful integration projects in Europe, North America, Latin America as well as intercontinental cross-border mergers, it provides a complete analysis of all existing integration projects between stock exchange markets.
Author: Paul J.J. Welfens Publisher: Springer Science & Business Media ISBN: 3642162746 Category : Business & Economics Languages : en Pages : 411
Book Description
Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.
Author: Robert-Paul Berben Publisher: ISBN: Category : Languages : en Pages :
Book Description
Abstract: This paper investigates whether there has been a structural increase in financial market integration in nine European countries and the US in the period 1980-2003. We employ a GARCH model with a smoothly time-varying correlation to estimate the date of change and the speed of the transition between the low and high correlation regimes. Our test produces strong evidence of greater comovement across the board for both stock markets and government bond markets. Dates of change and speeds of adjustment vary widely across country linkages. Stock market integration is a more gradual process than bond market integration. The impact of European monetary union (EMU) is rather limited, as it has mainly affected the timing of bond market correlation gains (but hardly their size) and has had little discernible effect on stock market integration
Author: Richard Pomfret Publisher: Harvard University Press ISBN: 0674259432 Category : Business & Economics Languages : en Pages : 273
Book Description
The clearest and most up-to-date account of the achievements—and setbacks—of the European Union since 1945. Europe has been transformed since the Second World War. No longer a checkerboard of entirely sovereign states, the continent has become the largest single-market area in the world, with most of its members ceding certain economic and political powers to the central government of the European Union. This shift is the product of world-historical change, but the process is not well understood. The changes came in fits and starts. There was no single blueprint for reform; rather, the EU is the result of endless political turmoil and dazzling bureaucratic gymnastics. As Brexit demonstrates, there are occasional steps backward, too. Cutting through the complexity, Richard Pomfret presents a uniquely clear and comprehensive analysis of an incredible achievement in economic cooperation. The Economic Integration of Europe follows all the major steps in the creation of the single market since the postwar establishment of the European Coal and Steel Community. Pomfret identifies four stages of development: the creation of a customs union, the deepening of economic union with the Single Market, the years of monetary union and eastward expansion, and, finally, problems of consolidation. Throughout, he details the economic benefits, costs, and controversies associated with each step in the evolution of the EU. What lies ahead? Pomfret concludes that, for all its problems, Europe has grown more prosperous from integration and is likely to increase its power on the global stage.
Author: Elliot Posner Publisher: Harvard University Press ISBN: 9780674031715 Category : Business & Economics Languages : en Pages : 272
Book Description
Between 1995 and 2007, financial elites in more than a dozen western European countries engaged in a cross-border battle to create some twenty new stock markets, many of which were explicitly modeled on the American Nasdaq. The resulting high-risk, high-reward markets facilitated wealth creation, rewarded venture capitalists, and drew major U.S. financial players to Europe. But they also chipped away at the European social compacts between national governments and citizens, opening the door of smaller company finance to the broad trend of marketization and its bounties, and further subjecting European households and family businesses to the rhythms of global capital. Elliot Posner explores the causes of Europe’s emergence as a global financial power, addressing classic and new questions about the origins of markets and their relationship to politics and bureaucracy. In doing so, he attributes the surprising large-scale transformation of Europe’s capital markets to the rise of the European Union as a global political force. The effect of Europe’s financial ascendance will have major ramifications around the world, and Posner’s analysis will push market participants, policymakers, and academics to rethink the sources of financial change in Europe and beyond.
Author: Amir N. Licht
Author: Amir N. Licht
Author: Mr.Jörg Decressin
Author: Roman Horvath
Author: Marcel Fratzscher
Author: Scott McCleskey
Author: E. Dorodnykh
Author: Paul J.J. Welfens
Author: Robert-Paul Berben
Author: Richard Pomfret
Author: Elliot Posner