文章基本信息

标题：European and global financial integration:some panel evidence of the convergence of interest rates
本地全文：下载
作者：Cândida Ferreira
期刊名称：Banks and Bank Systems
印刷版ISSN：1816-7403
电子版ISSN：1991-7074
出版年度：2016
卷号：11
期号：4
页码：152-160
DOI：10.21511/bbs.11(4-1).2016.06
语种：English
出版社：LLC "CPC "Business Perspectives"
摘要：This paper seeks to contribute to the literature on financial integration using panel estimates to test beta- and sigma convergence across the European Union countries’ interest rates and towards two specific benchmarks — the German and US rates — covering the time interval between 1999 and 2014 and taking into account the recent international financial crisis. The findings point to the existence of a process of convergence of interest rates and this process may be considered as part of the global process of integration. Furthermore,there is evidence of convergence to the chosen benchmarks,in particular of short-term real interest rates;the speed of this convergence towards the German rates clearly increased in the EU as a response to the financial crisis.
关键词：financial integration;banking market;European interest rates;beta-convergence;sigma-convergence;panel data estimates