| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16583 |
| 来源ID | Working Paper 16583 |
| The European Union, the Euro, and Equity Market Integration | |
| Geert Bekaert; Campbell R. Harvey; Christian T. Lundblad; Stephan Siegel | |
| 发表日期 | 2010-12-02 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to equity market integration in Europe. We use a simple and essentially model free measure of bilateral market segmentation: two countries are segmented if there is a wide divergence in the valuations of their industries. We first establish that segmentation is significantly lower for EU versus non- EU members. Bilateral valuation differentials remain lower for EU members even after we control for several possible channels of integration, such as bilateral trade, direct investment positions, financial regulation, and interest rate differences. Importantly, we find that EU membership reduces equity market segmentation between member countries whether or not members have also adopted the Euro. The Euro adoption as well as the anticipation of the Euro adoption has minimal effects on market integration. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w16583 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574258 |
| 推荐引用方式 GB/T 7714 | Geert Bekaert,Campbell R. Harvey,Christian T. Lundblad,et al. The European Union, the Euro, and Equity Market Integration. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16583.pdf（312KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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