The Euro Area Financial System: Structure, Integration and Policy Initiatives
By Simone Manganelli, Philipp Hartmann, Angela Maddaloni. Social Science Research Network, 2003
317 citations recorded by the source corpus.
Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro area financial structure evolved since 1995. We document the progress towards integration of the major euro area financial segments, namely money markets, bond markets, equity markets and banking. Finally, we discuss recent policy initiatives aimed at further improving European financial integration JEL Classification: G00, F36
Subfields: Finance
View Paper: https://www.semanticscholar.org/paper/79aba55866820170e8d0aef19bc2036c85399bfe
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In Finance
- Yaw‐Huei Wang
- Annalisa Ferrando
- Peter Hördahl
- E. Krylova
- Cyril Monnet
- Lieven Baele
- Stephen J. Taylor
- Söhnke M. Bartram
Citations in the corpus
- The European Bond Markets Under Emu (2004, unknown): “This 2 Danthine et al. (2001), Galati and Tsatsaronis (2001), and Hartmann et al. (2003) provide broader overviews, including other sectors of the financial market. size differential existed for both the private and the public bond market.”
- The Euro and European Financial Market Dependence (2007, background): “An immediate consequence of the adoption of the common currency has been the convergence of Euro-zone interest rates and the integration of fixed-income markets (Adjaouté and Danthine, 2003; Hartmann et al., 2003).”
- Measuring financial integration in the euro area (2004, background): “On the contrary, Hartmann et al. (2003) find that the importance of currency deposits and of loans in different euro area countries has become more heterogeneous over time, including the period following the introduction of the euro.”
- What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade? (2010, unknown): “Although some reforms occurred before 1999 (mainly with the adoption of the First and the Second Banking Directive), European banking markets remained fragmented till the eve of the monetary union (e.g. Hartmann et al. (2003)).”