Measuring the relative development and integration of EU countries’ capital markets using composite indicators and cluster analysis

Gianluca Gucciardi

Review of World Economics (Weltwirtschaftliches Archiv), 2022, vol. 158, issue 4, No 3, 1043-1083

Abstract: Abstract The paper proposes a set of metrics and a methodology to measure the progress that European Union Member States are making towards the development and integration of capital markets. It identifies a set of indicators and analyzes the performance of these countries over the 2007–2018 period using a composite indicator approach (in both a static and dynamic environment), based on the six priorities related to achieving a well-functioning and integrated European capital market included in the European Commission Capital Markets Union Action Plan. The author uses robust clustering to identify groups of countries and tracks their development over time. He finds that the process of capital market development and integration process has started but is not completed and that it is mainly associated with countries’ adherence to European increasing trends driven by the benchmarks rather than the policy actions of countries aimed at catching up with the best performers.

Keywords: Capital Markets Union; European Union; Composite indicators; Data Envelopment Analysis; Malmquist Productivity Index (search for similar items in EconPapers)
JEL-codes: C38 C43 G10 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10290-022-00453-6

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