文章基本信息

标题：Measuring financial integration in new EU Member States
本地全文：下载
作者：Markus Baltzer ; Lorenzo Cappiello ; Roberto A. De Santis 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2008
卷号：1
出版社：European Central Bank
摘要：Developments in financial markets have shaped the economic and policy debate in recent years. Financial integration issues have played an important role in this debate, not least because a well integrated financial system reduces the cost of capital and improves the effi cient allocation of financial resources. The European Central Bank (ECB) is closely monitoring the state of integration of euro area financial markets (see, for instance, ECB 2005a, 2006a and 2007). In the light of the recent accession of new countries to the EU and their future entry in the euro area, it has become increasingly important also to follow developments in these markets. Although a number of papers exist on this subject, they either focus on certain market segments, or follow specific methodologies.1 Instead, this paper follows very closely the framework adopted by Baele et al. (2004). This allows us to build on an already established methodology and, at the same time, directly compare developments in new EU Member States with those in the euro area. Subject to data availability, we replicate the indicators of that study, providing a comprehensive overview of the state of financial integration in new EU Member States, namely the Czech Republic (CZ), Estonia (EE), Hungary (HU), Latvia (LV), Lithuania (LT), Poland (PL), and Slovakia (SK), which joined the EU on 1 May 2004, and Romania (RO) and Bulgaria (BG), which joined on 1 January 2007. Since the bulk of the analysis covers the period from 1996 until 2006, we also consider EU member states, Slovenia (SI), which joined the euro area on 1 January 2007, as well as Cyprus (CY) and Malta (MT), which joined on 1 January 2008.