Convergencia, integración y competencia en los mercados financieros europeos

Convergence, integration and competition in the European financial markets

Joaquin Maudos () and Francisco Perez

MPRA Paper from University Library of Munich, Germany

Abstract: The aim of this paper is to analyze the process of integration and competition in European financial markets. We explore the obstacles or barriers which hinder this process, as well as the main drivers and initiatives which have been implemented to move financial integration forward. According to most of the evidence on this subject, the process of financial integration has indeed advanced, but the process is slow and far from having been achieved in many areas of financial activity, in particular, retail markets. Regarding competition, the evidence is not so conclusive. The fact is that although absolute margins have been narrowed, relative margins – as an indicator of market power - have increased. The different kinds of barriers (fiscal, regulatory, institutional, etc) which protect national markets from foreign competition are the main obstacles to this process of integration and competition.

Keywords: Convergence; integration; competition; financial markets (search for similar items in EconPapers)
JEL-codes: F36 G15 G20 (search for similar items in EconPapers)
Date: 2004, Revised 2004
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Published in Papeles de Economía Española 101 (2004): pp. 114-136

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