How Integrated are the European Retail Financial Markets? A Cointegration Analysis


Schüler, Martin ; Heinemann, Friedrich


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URL: http://ub-madoc.bib.uni-mannheim.de/422
URN: urn:nbn:de:bsz:180-madoc-4224
Document Type: Working paper
Year of publication: 2002
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: F36 G15 ,
Subject headings (SWD): Europäische Union , Kreditmarkt , Integration <Internationale Politik> , Währungsunion
Abstract: With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are considered to be highly integrated within the European Union. However, integration in retail financial markets is less advanced. For measuring financial market integration this distinction between wholesale and retail markets becomes crucial. There is a wide literature relating to integration of wholesale financial markets but just a few studies that try to measure integration in European retail markets. This paper, in a first step, gives a systematisation of the literature on measuring financial market integration with a focus on the distinction between wholesale and retail financial markets. In a second step, bivariate and multivariate cointegration techniques are used to assess the degree of integration in four loans and two deposit markets in the European Union. Finally, based on this analysis obstacles to financial market integration are discussed.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Schüler, Martin ; Heinemann, Friedrich (2002) How Integrated are the European Retail Financial Markets? A Cointegration Analysis. Open Access [Working paper]
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