The Center Still Holds: Financial Integration in the Euro Area

Indermit S Gill (), Naotaka Sugawara () and Juan Zalduendo ()
Additional contact information
Indermit S Gill: Office of the Chief Economist, World Bank, 1818 H Street, NW, Washington, DC 20433, USA.
Naotaka Sugawara: Research Department, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA.
Juan Zalduendo: Western Hemisphere Department, International Monetary Fund, 700 19th Street, NW, Washington, DC 20431, USA.

Comparative Economic Studies, 2014, vol. 56, issue 3, 375 pages

Abstract: We employ cross-country variance tests using quarterly data over 2002–2013 to analyze the effect of the global financial crisis on euro area financial integration. Dividing the 12 core euro area countries into two groups, the euro center and the euro periphery, we investigate variances of the estimations across these two groups before and after the onset of financial crisis. We find a significant change in variances in a sample that includes both groups but no such change within just the euro center group. Using data for new euro area members, no significant changes in variances are found in these countries. Although the difference in variances appears to get smaller, financial integration within the euro area remains differentiated, with the center still holding.

Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.palgrave-journals.com/ces/journal/v56/n3/pdf/ces201415a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/ces/journal/v56/n3/full/ces201415a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:compes:v:56:y:2014:i:3:p:351-375

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41294/PS2

Access Statistics for this article

Comparative Economic Studies is currently edited by Nauro Campos

More articles in Comparative Economic Studies from Palgrave Macmillan, Association for Comparative Economic Studies Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().