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Author : Pilar Abad
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (437 download)
Download or read book EMU and European Government Bond Market Integration written by Pilar Abad and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alexander Schulz
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.3/5 ( download)
Download or read book Sovereign Bond Market Integration written by Alexander Schulz and published by . This book was released on 2008 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Different driving factors of sovereign bond market integration are disentangled by studying yield co-movements of EMU countries, the UK, the US and 16 German Länder in the last 15 years. At a low frequency of weeks, bond market integration has increased gradually in the course of the last 15 years in EMU countries, as well as the UK, the US and the German Länder. The euro, as well as increasing international capital flows, appears to drive low frequency integration. In contrast, yield adjustments to changes of the German benchmark bond at high frequencies, i.e., 2 days, remain relatively low until October 2000, when a sharp increase in integration can be observed in all samples. The increase in high frequency integration can be attributed to electronic trading platforms becoming functional. The change-over from national currencies to the euro can not explain the dramatic increase in high-frequency integration.
Author : Robert-Paul Berben
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (112 download)
Download or read book Bond Market and Stock Market Integration in Europe:A Smooth Transition Approach written by Robert-Paul Berben and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Gikas Angelos Hardouvelis
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.X/5 (6 download)
Download or read book EMU and European Stock Market Integration written by Gikas Angelos Hardouvelis and published by . This book was released on 1999 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ulrich Machold
Publisher : GRIN Verlag
ISBN 13 : 3638161501
Total Pages : 18 pages
Book Rating : 4.6/5 (381 download)
Download or read book The Effects of EMU on European Capital Markets written by Ulrich Machold and published by GRIN Verlag. This book was released on 2003-01-04 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Suk-Joong Kim
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)
Download or read book Evolution of International Stock and Bond Market Integration written by Suk-Joong Kim and published by . This book was released on 2008 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the dynamic relationship between daily stock and government bond returns of selected countries over the past decade to infer the state and progress of inter-financial market integration. We proceed to empirically investigate the influence of the European Monetary Union (EMU) on time-variations in inter-stock-bond market integration/segmentation dynamics using a two-step procedure. First, we document the downward trends in time-varying conditional correlations between stock and bond market returns in European countries, Japan and the US. Second, we investigate the causality and determinants of this interdependent relationship, in particular, whether the various macroeconomic convergence criteria associated with the EMU have played a significant role. We find that real economic integration and the reduction in currency risk have generally had the desired effect on financial integration but monetary policy integration may have created uncertain investor sentiments on the economic future of the European monetary union, thereby stimulating a flight to quality phenomenon.
Author : Marc Blunden
Publisher : GRIN Verlag
ISBN 13 : 3668057303
Total Pages : 67 pages
Book Rating : 4.6/5 (68 download)
Download or read book An assessment of the current state of government bond market integration in the periphery of the euro area written by Marc Blunden and published by GRIN Verlag. This book was released on 2015-09-30 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2010 in the subject Economics - Finance, grade: 80, University of Brighton, course: International Financial Markets, language: English, abstract: As the European Union emerges from its worst recession since the Second World War, it has to tackle an equally pressing issue: a sovereign debt crisis. Yield spreads in Greece, Portugal, Ireland and Spain have soared. The era of cheap government borrowing and integrated euro area (EA) government bond markets appears to be over, and fractures in EA solidarity are present. This dissertation seeks to update existing literature by assessing the current state of government bond market integration in the EA. Results suggest that many years of financial integration in EA government bond markets has been reversed in a few months, and that the status quo is not sustainable for the peripheral member countries. Unless Greece, Portugal, Ireland and (to a lesser extent) Spain adopt significant microeconomic structural reforms to regain long-lost competitiveness vis-à-vis the EA’s core (notably Germany), whilst at the same time avoid falling back into deep recession, the Euro project will not be able to continue in its current form.
Author : Mauro Grande
Publisher : Routledge
ISBN 13 : 1351159119
Total Pages : 284 pages
Book Rating : 4.3/5 (511 download)
Download or read book Elements of the Euro Area written by Mauro Grande and published by Routledge. This book was released on 2018-02-06 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: As time elapses since the introduction of the Euro, it is legitimate to start asking what impact the new currency and the single monetary policy have had on European integration. This book provides the most comprehensive review of financial integration in the euro area. The volume includes an introduction to the institutional features of the euro area and the literature on financial integration. It examines developments in the financial structures at large and moves forward to focus on specific areas pertaining to financial intermediaries, the bond and equity markets, and market-based debt finance. It is particularly suited to researchers and students of developments in the euro area, central banking, money and banking, as well as international relations and international business more generally. While the introductory chapters will help in bringing undergraduates on board, the later chapters will particularly benefit the early graduate student as well as the professional observer.
Author : Dionisis Philippas
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (13 download)
Download or read book Is the EMU Government Bond Market a Playground for Asymmetries? written by Dionisis Philippas and published by . This book was released on 2013 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the volatility dynamics of some major European Monetary Union sovereign bond markets. We provide an endogenous characterization in terms of two Markov switching regimes for market volatility and analyze the impact of some institutional sector imbalances and policy actions on the persistence of volatility swings. The empirical findings indicate that net foreign assets' positions and trade balance developments were a matter of minor importance for these European Monetary Union sovereign bond markets. On the contrary, central banks' liquidity provision measures have important but asymmetrical effects on the persistence of the European Monetary Union's bond market volatility swings. Whether countries' specific government liquidity management affected volatility dynamics in a systematic and consistent way remains to a large extent inconclusive.
Author : Tullio Jappelli
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (3 download)
Download or read book Financial Market Integration Under EMU written by Tullio Jappelli and published by . This book was released on 2008 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The European Monetary Union (EMU) has been the single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods system. By eliminating exchange rate risk, EMU has eliminated a key obstacle to financial integration. But while a single currency is a necessary condition for the emergence of pan-European capital markets, it is not a sufficient one. Other frictions may still stand in the way of full integration: persistent differences in regulations applying to financial intermediaries, tax treatment, standard contractual clauses and business conventions, issuance policy, security trading systems, settlement systems, availability of information, and judicial enforcement may still segment financial markets along national borders. In the process that preceded and accompanied the introduction of the euro, however, monetary unification triggered a sequence of policy actions and private sector responses that swept aside many other regulatory barriers to financial integration. To what extent has this process of regulatory reform led to actual financial integration? And if European financial markets have actually become more integrated, to what extent have these changes spurred growth and investment in Europe? Will financial integration affect also the ability of households to shoulder risks, or the ability of European economies to adjust to macroeconomic shocks? Which policy lessons can we draw for the future of European financial markets?"--Publication information page.
Author : Ruth Pitchford
Publisher :
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.3/5 ( download)
Download or read book EMU Explained written by Ruth Pitchford and published by . This book was released on 1997 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction from leading academic Christopher Taylor looks at the origins, aims and politics of EMU, while the core of the book comprises detailed analyses by specialist Reuters correspondents based in the world's major financial centres.
Author : Dionisis Philippas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Money Factors and EMU Government Bond Markets' Convergence written by Dionisis Philippas and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: By adopting a dynamic ARDL transformation, we investigate the cointegrating relationship of the government bond debt yields, driven by the common money market factors in Economic Monetary Union. The findings indicate that the introduction of the common currency has not a uniform effect on the bond yields and there is a nominal convergence between Eurozone bond yields based on money market determinants. The recent financial crisis indicates that the sovereign bond market convergence was temporary and it can be highly affected by a exogenous shocks and the sentiment of international investors. This finding implies the necessity for a common monetary and fiscal policies in Euro zone countries.
Author : Alfred Steinherr
Publisher : Longman Publishing Group
ISBN 13 :
Total Pages : 336 pages
Book Rating : 4.F/5 ( download)
Download or read book 30 Years of European Monetary Integration from the Werner Plan to EMU written by Alfred Steinherr and published by Longman Publishing Group. This book was released on 1994 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text reflects on both past achievements and on the fundamental issues facing further European monetary integration. It includes a copy of the Werner Plan, extracts from the German constitutional court on the ratification of Maastrich and contributions from political figures.
Download or read book EMU written by and published by . This book was released on 2001 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Great Britain. Treasury
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.:/5 (89 download)
Download or read book EMU and the Cost of Capital written by Great Britain. Treasury and published by . This book was released on 2003 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is part of a set of 18 documents which have been prepared by H.M. Treasury to inform the assessment of the Government's five economic tests for Economic and Monetary Union (EMU) entry into the euro area. The third of the tests relates to whether joining the single currency would create better conditions for firms making long term investment decisions in the UK. To inform this assessment, this study considers the potential impact of EMU on the cost of capital for UK firms, an important aspect of a company's decision whether to invest or not. Overall, the study finds little scope for UK credit risk-free rates to fall significantly were the UK to enter the euro zone.
Author : Katrin Ullrich
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (129 download)
Download or read book Market Discipline and the Use of Government Bonds as Collateral in the Emu written by Katrin Ullrich and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The confidence that financial markets are able to discipline the debt behaviour of governments is not very high. Therefore, the Stability and Growth Pact has been implemented as an institutional constraint to substitute for the market mechanism. With the weakening of the Pact, market discipline could gain importance again. To strengthen market discipline, reasons for its failure in the euro area have to be analysed. One possible reason could be that the European Central Bank accepts all European government bonds without distinction in its monetary policy auctions as collateral. This could provide the financial market with a signal that these government securities are equally (non-)risky and that a differentiation with respect to risk premia is not needed.
Author : Alessandro Prati
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (318 download)
Download or read book European Monetary Union and International Capital Markets written by Alessandro Prati and published by International Monetary Fund. This book was released on 1997-05 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: If the process of European monetary integration remains on schedule, January 1, 1999 will see the beginning of the creation of the union of currencies of economically and financially diverse European countries. Regardless of the precise number of countries that initially join, a European Monetary Union (EMU) of any size will pose challenges, opportunities, and risks for both private and official participants in European and international financial markets. Although the introduction of the euro is a significant step toward European financial integration, it is by itself only one step in a long process. Previous steps have included: in the area of monetary and exchange rate policy, the creation of the European Monetary System (EMS) with the Exchange Rate Mechanism (ERM), and the Basle/Nyborg agreement; and in the area of financial integration, the adoption and still ongoing implementation of the European Union (EU) Second Banking, Capital Adequacy, Investment Services, and other financial directives.
