文章基本信息

标题：Financial integration, international portfolio choice and the European Monetary Union
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作者：Roberto A. De Santis ; Bruno Gérard
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：2006
出版社：European Central Bank
摘要：We investigate the determinants of bilateral international equity and bond port- folio reallocation across a large cross section of countries over the 1997 to 2001 period. We rst argue that nancial integration is not a global phenomenon, as equity and bond home biases declined signicantly only among European coun- tries, Australia, New Zealand and Singapore. Then, we show that the European Economic and Monetary Union (EMU) eased the access to the equity market and, to a larger extent, the bond market; thereby, enhancing regional nancial integration in the euro area. Beside the e¤ect of the EMU, the strongest deter- minants of the changes in portfolio weights are expected diversication benets and the initial degree of underweight.
关键词：Home bias - Risk diversication - International portfolio weights -;EMU