文章基本信息

标题：What lies beneath the euro's effect on financial integration? Currency risk, legal harmonization, or trade?
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作者：Sebnem Kalemli-Ozcan ; José-Luis Peydró ; Elias Papaioannou 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：2010
出版社：European Central Bank
摘要：Although recent research shows that the euro has spurred cross-border 􀀟nancial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro’s e􀀞ect on 􀀟nancial integration using data on bilateral banking linkages among twenty industrial countries in the past thirty years. We also construct a dataset that records the timing of legislative-regulatory harmonization policies in 􀀟nancial services across the European Union. We 􀀟nd that the euro’s impact on 􀀟nancial integration is primarily driven by eliminating the currency risk. Legislative-regulatory convergence has also contributed to the spur of cross-border 􀀟nancial transactions. Trade in goods, while highly correlated with bilateral 􀀟nancial activities, does not play a key role in explaining the euro’s positive e􀀞ect on 􀀟nancial integration.
关键词：Financial integration; Law and 􀀟nance; Euro; European Union; FSAP; Trade;Regulation