Author: Thomas KrausPublisher:
ISBN:
Category :
Languages : es
Pages : 39
Book Description
The Impact of the EMU on the Structure of European Equity Returns
Author: Thomas KrausThe impact of the EMU on the structure of european equity returns
Author: Thomas KrausThe Impact of the EMUon the Structure of European Equity Returns
Author: Mr.Thomas KrausPublisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451850642
Category : Business & Economics
Languages : en
Pages : 40
Book Description
Using symmetric data sets of 92 weekly return observations before and after the introduction of the euro, the paper analyzes the impact of the new currency on the return structure of equity markets in the European Monetary Union. Variance decompositions, cluster analyses, and principle component analyses are used to explore the changes in the structural relations. European industry factors are found to have dramatically increased in importance with the launch of the single currency, and a new 'country-size' factor in European stock returns is detected. Furthermore, inner-European correlations are documented to have been reduced sharply with the start of the monetary union.
“The” EMU and the Return Structure of European Equity Markets
Author: Thomas KrausThe Effects of EMU on European Capital Markets
Author: Ulrich MacholdPublisher: GRIN Verlag
ISBN: 3638161501
Category : Business & Economics
Languages : en
Pages : 18
Book Description
Seminar paper from the year 2001 in the subject Economics - Monetary theory and policy, grade: 1.2 (A), Technical University of Berlin (European Center), course: The EU as a common economy, language: English, abstract: Within the last three years, the European financial landscape has undergone a rapid transformation that continues to astonish observers and market participants alike: Corporate and public euro bond markets have emerged whose issuing activities rival those of respective US dollar markets. Europe-wide indices have been firmly established. Institutional portfolios are being traded along pan-European sectoral rather than national lines. Cross-border mergers of banks and financial institutions on an unprecedented scale are drastically changing national banking landscapes as well as international financial structures and underlying all of this is the revolutionary emergence of a genuine European equity culture. Quite naturally, not all of these developments can be attributed to the eventual arrival of European Economic and Monetary Union (EMU). Many trends have had their precursors in the continuing liberalisation and de-regulation processes of the 1990s, as manifested in the 1992 Maastricht Treaty. However, historical data makes it difficult not to account for EMU as one major factor behind many of the most recent changes. In this paper, I will therefore argue that at least some of the above changes can best be explained by the effects of EMU. In several ways, the advent of the single currency has triggered an equilibrium shift in more than one field that would otherwise not have occurred. In order to do so, I shall first put EMU into perspective by briefly sketching its position within the wider framework of the process of European capital market integration by means of liberalisation. Second, I shall illustrate whether and to what extent the intended direct effects of EMU did in fact materialise, but also how further indirect effects go beyond these and contribute to explaining some seemingly less related developments. Last, I shall evaluate how integrated European capital markets in fact are compared to national markets, using the U.S. as a benchmark, and close with a brief discussion of potential normative implications.
The Impacts of EMU on Major European Stock Markets: Evidences from VAR Models with Multiple Structural Changes
Author: European Stock Market Integration
Author: Jian YangPublisher:
ISBN:
Category :
Languages : en
Pages : 36
Book Description
This study examines the impact of the recent establishment of the Economic and Monetary Union (EMU) on the long-run, short-run and contemporaneous structures of integration among eleven European stock markets and the US. The results show that although two cointegrating vectors exist both before and after the establishment of the EMU, the long-run linkages among these markets have generally been strengthened after the establishment of the EMU as equilibria are restored more quickly after system-wide shocks. Generalized impulse response analysis and generalized forecast error variance decomposition further indicates that large EMU markets (Germany, France, Italy, Netherlands) are more integrated with each other after the establishment of the EMU. Several small EMU markets are also more integrated with the large EMU markets while the three smallest EMU markets (Austria, Belgium and Ireland) are more isolated from other EMU markets after the EMU was launched. The EMU markets seem to be less integrated with the UK after establishment of the EMU, while no clear pattern has emerged yet regarding their integration with the US market. The examination of the contemporaneous structure of integration also yields similar inference.
European Equity Markets Integration - Implications for Us Investors
Author: Xuan Vinh VoPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The paper examines the question whether the economic convergence brought about by the European Monetary Union resulted in increased correlations across EMU equity market returns, which subsequently lead to a reduction in the benefits for investors in these markets. The study employs data from 1988 to 2003 in which correlation, cointegration and causality estimation techniques are used to describe the behaviour of the seven European equity market returns. The paper focuses on the question of whether a foreign (US) investor can benefit from investing in European equity markets in light of the developments brought about by the European Monetary Union (EMU).
European-American Trade and Financial Alliances
Author: Gavin BoydPublisher: Edward Elgar Publishing
ISBN: 9781845426699
Category : Business & Economics
Languages : en
Pages : 272
Book Description
In this, his final book, Gavin Boyd has brought together a distinguished group of experts on the nature and extent of transatlantic policy coordination and its implication for corporate strategy. This remarkably relevant set of papers offer a discussion on the economic and financial linkage between Europe and North America, as well as the trade and investment rules governing this interaction. The complexities of the transatlantic relationship are analyzed in chapters dealing with: financial integration, transfer of knowledge and technology, transatlantic trade and corporate partnership, transatlantic trade and investment links, simultaneous intra-regional as well as transatlantic trade and the implications for antitrust policy of the activities of multinational enterprises, structural positioning and macroeconomic policy coordination, international interdependence and the role of entrepreneurship, and the reform of international financial markets. Exploring growing transatlantic trade and investment linkages within their institutional contexts, this timely book will be invaluable to academics and researchers with an interest in international business and international economics. Practicing trade lawyers and policymakers will also find the book to be a fascinating read.
Governing the World's Money
Author: David M. AndrewsPublisher: Cornell University Press
ISBN: 9780801440199
Category : Business & Economics
Languages : en
Pages : 268
Book Description
The effective governance of global money and finance is under enormous stress. Deep changes over the last decade in capital markets, exchange rate systems, and government finances suggest dramatic shifts in the contours of monetary power, with tensions rising between the functional logic of international economics and the geographic logic of state-centered politics. Governing the World's Money assesses those tensions and the prospects for their peaceful resolution. Governing the World's Money surveys the frontiers of the global monetary system in ten original essays. Leading scholars of international relations and economics explore the evolution of the instruments available to policy officials for monetary governance. As they analyze the contemporary reordering of political authority in a market-oriented global economy, they open new pathways for the study of regional monetary integration and international institutional reform.