Are the new and old EU countries financially integrated?

Journal of European Integration

Volumn 29, Issue 2, 2007, Pages 163-187

  Dvorak, Tomas ^a  

^a UNION COLLEGE   (United States)

Author keywords

Eastern Europe; EU enlargement; Financial integration

Indexed keywords

EID: 85044810811     PISSN: 07036337     EISSN: 14772280     Source Type: Journal    
DOI: 10.1080/07036330701252094     Document Type: Article

References (33)

1. Adam, Klaus, Jappelli, Tullio, Menichini, Annamaria, Padula, Mario, and Pagano, Marco. 2002. “ Analyse, Compare, and Apply Alternative Indicators and Monitoring Methodologies to Measure the Evolution of Capital Market Integration in the European Union ”. Centre for Studies in Economics and Finance, Department of Economics and Statistics, University of Salerno
2. Adjaoute, Kpate, and Jean-Pierre, Danthine. 2003. “ European Financial Integration and Equity Returns: A Theory-Based Assessment ”. In The Transformation of the European Financial System, Edited by: Gaspar, V., Vol. 5, 185–245. Frankfurt am Main: European Central Bank.
3. Baele, Lieven, Ferrando, Annalisa, Hordahl, Peter, Krylova, Elizaveta, and Cyril, Monnet. 2004. “ Measuring Financial Integration in the Euro Area ”. Frankfurt am Main: European Central Bank. Occasional Paper Series 14
4. Bonin, John P., Hasan, Inftekhar, and Wachtel, Paul. 2003. “ Bank Performance, Efficiency and Ownership in Transition Countries ”. mimeo
5. Buiter, Willem H., 2004. “ To Purgatory and Beyond: When and How Should the Accession Countries from Central and Eastern Europe Become Full Members of EMU? ”. CEPR Discussion Paper 4342
6. Cabral, Ines, Dierick, Frank, and Vesala, Jukka. 2002. “ Banking Integration in the Euro Area ”. ECB Occasional Paper Series 6
7. Caviglia, Giacomo, Gerhard, Krause, and Thimann, Christian. 2002. “ Key features of the financial sectors in EU accession countries ”. In Financial Sectors in EU Accession Countries, Edited by: Thimann, Christian. 15–30. Frankfurt am Main: European Central Bank.
8. Chari, Anusha, and Henry, Peter Blair. 2004. Risk Sharing and Asset Prices: Evidence From a Natural Experiment. Journal of Finance, 59(2): 1295–1324.
9. De Grauwe, Paul. 2000. Economics of Monetary Union, 4th edn, Oxford: Oxford University Press.
10. De Grauwe, Paul. 2003. The Euro at Stake? The Monetary Union in an Enlarged Europe. CES ifo Economic Studies, 49(1): 101–121.
11. De Grauwe, Paul, and Schnabl, Gunther. 2004. “ EMU Entry Strategies for the New Member States ”. mimeo
12. Dickinson, David G., and Mulleneux, Andrew W., 2001. “ Financial integration between the EU and the economies of Central and Eastern Europe: an overview ”. In Financial and Monetary Integration in the New Europe: Convergence Between the EU and Central and Eastern Europe, Edited by: Dickinson, David G., and Mullineux, Andrew W., 1–26. Cheltenham, UK: Edward Elgar.
13. Dvorak, Tomas, and Podpiera, Richard. 2006. European Union Enlargement and Equity Markets in Accession Countries. Emerging Markets Review, 7: 129–146.
14. Edison, H. J., Klein, M. W., Ricci, L. A., and Slok, T., 2004. Capital Account Liberalization and Economic Performance: Survey and Synthesis. IMF Staff Papers, 51(2): 220–257.
15. Fama, Eugene F., and French, Kenneth R., 1992. The cross-section of expected stock returns. Journal of Finance, 47: 427–466.
16. Fratzscher, Marcel. 2002. Financial Market Integration in Europe: On the Effects of EMU on Stock Markets. International Journal of Finance and Economics, 7(3): 165–193.
17. Fries, Steven, and Taci, Anita. 2004. “ Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries ”. EBRD Working Paper no. 86
18. Galati, Gagrielle, and Tsatsaronis, Kostas. 2001. “ The impact of the Euro on the Europe’s Financial Markets ”. BIS Working Paper No. 100
19. Goetzmann, William N., Li, Lingfeng, and Rouwenhorst, K. Geert. 2001. “ Long-Term Global Market Correlations ”. NBER Working Paper no. 8612
20. Guiso, Luigi, Jappelli, Tullio, Padula, Mario, and Pagano, Marco. 2004. “ Financial Market Integration and Economic Growth in the EU ”. CEPR discussion paper no 4395
21. Hardouvelis, Gikas A., Malliaropulos, Dimitrios, and Priestley, Richard. 2006. EMU and European Stock Market Integration. The Journal of Business, 79: 365–392.
22. Henry, P. B., 2000. Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices. Journal of Finance, 55(2): 529–564.
23. Heston, Steven L., and Rouwenhorst, K. Geert. 1994. Does Industrial Structure Explain the Benefits of International Diversification?. Journal of Financial Economics, 36: 3–27.
24. Jagannathan, Ravi, and Wang, Zhenyu. 1996. The Conditional CAPM and the cross-section of expected returns. Journal of Finance, 51(1): 3–53.
25. Keren, Michael, and Gur, Ofer. 2002. “ Globalization and the Role of Foreign Banks in Economies in Transition ”. mimeo
26. Levine, Ross. 2005. “ Finance and Growth ”. In Handbook Of Economic Growth, Edited by: Philippe, Aghion, and Durlauf, Steven. 865–934. The Netherlands: Elsevier Science.
27. London Economics. 2002. “ Quantification of the Macro-Economic Impact of Integration of EU Financial Markets ”.
28. Pagano, Marco. 2004. The European Bond Markets under EMU. Oxford Review of Economic Policy, 20(4): 531–549.
29. Rouwenhorst, K. Geert. 1999. European Equity Markets and the EMU. Financial Analysts Journal, 55: 57–64.
30. Sentana, Enrique. 2002. Did EMS reduce the cost of capital?. The Economic Journal, 112: 786–809.
31. Vives, Xavier. 2001. Restructuring Financial Regulation in the European Monetary Union. Journal of Financial Services Research, 19: 57–82.
32. Wall Street Journal. 2004a. “ GE Banks on Emerging Markets ”. C1 August 24
33. Wall Street Journal. 2004b. “ Going Global: EU’s Newcomers Get Respect; Despite Skeptics, Some Strategists See Upside in New Members ”. C16 June 23