Measuring financial market integration in the European Union: EU15 vs. New Member States

Pungulescu, Crina

doi:10.1016/j.ememar.2013.08.006

Cited by 17 publications

(9 citation statements)

References 4 publications

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“…The countries that are in the top regarding two or more indicators are: Hungary, the Czech Republic, Croatia and Estonia. The observed countries show a very heterogeBrought to you by | MIT Libraries Authenticated Download Date | 5/10/18 8:18 AM neous level of capital market integration that is in accordance with the conclusions of Pungulescu (2013) and their markets are just partially integrated.…”

Section: Resultssupporting

confidence: 66%

Empirical Evidence of Capital Mobility in the EU New Member States

Škabić

2016

Zagreb International Review of Economics and Business

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Abstract:This research is focused on the analysis of capital mobility indicators in the EU new member states as capital market union is one of the newest initiative in the EU. We found the most integrated countries are Hungary, the Czech R., Croatia and Estonia. Econometric analysis emphasized the main determinants of capital account openness and of FDI inward stock. The analysis indicates that the level of development, intra-EU trade and FDI inward stock have a positive impact on capital account openness (mobility), while infl ation has a negative infl uence. The GDP per capita, intra-EU trade and capital account openness have positive impact on FDI inward stock while infl ation and gross fi xed capital formation have negative infl uence. Unexpectedly, fi scal variables and interest rates do not have a significant impact on capital openness. The results show that there is room for improvement in all countries that would enable more favorable access to capital.

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Section: Resultssupporting

confidence: 66%

Empirical Evidence of Capital Mobility in the EU New Member States

Škabić

2016

Zagreb International Review of Economics and Business

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“…Focusing specifically on lending rates, Wagenvoort, Ebner, and Morgese Borys (2011) document a considerable degree of segmentation among the euro area countries for the period 2003-2008, although it varies with the type and size of the loan. Pungulescu (2013) confirms the fragmentation in the EU credit markets was induced by the financial crisis.…”

Section: Banking Markets Integration and Growthmentioning

confidence: 52%

“…They also contend that this positive effect suggests that there is no longer potential for additional beneficial effects. Nonetheless, as noted before, there seems to be some consensus that financial markets integration in the euro area is still incomplete (Guiso, Jappelli, Padula, & Pagano, 2004;Pungulescu, 2013), and that the recent crises have brought about fragmentation in the euro area financial markets and especially in the credit market segment (European Central Bank, 2014). Rughoo and Sarantis (2012) show that lending rates converged slower than deposit rates in Europe before 2007 while both types of rates diverged during 2008-2011.…”

Section: Banking Markets Integration and Growthmentioning

confidence: 96%

SMEs’ growth under financing constraints and banking markets integration in the euro area

Moscalu

Girardone

Calabrese

2019

Journal of Small Business Management

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We explore the impact of financing constraints and the role of banking markets integration on the growth of small and medium enterprises (SMEs). The data are drawn from the European Central Bank/Survey on the Access to Finance of Enterprises (ECB/SAFE) on SMEs' access to finance aggregated at the country level for the largest 11 euro area countries during 2009-2015. Our findings suggest that financing constraints hamper SMEs' growth and that the effect is stronger for perceived, rather than actual, financing constraints. On the other hand, increased banking markets integration in the euro area appears to foster SMEs' growth. Furthermore, we found that the reduction in financing constraints is crucial in the transmission channel from banking markets integration to growth. This effect appears significantly stronger when integration is measured by the intensity of cross-border lending than through convergence in interest rates to loans to nonfinancial corporations.

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“…It is plausible to assume that the firm value (when benefits exceed costs) will increase after the Euro introduction if liquidity improves as a result, since we know that improved liquidity decreases a firm's cost of capital (as suggested by Amihud & Mendelson (1986) ). Thus, to better understand the nature of the relationship between economic growth and liquidity of Eurozone stock markets, and then to examine the impact (if any) of the Euro on that relationship, we advance the following hypothesis (see Pungulescu (2013) ; Lipson & Mortal (2009) ;Gibson & Mougeot (2004) ; Fujimoto (2003); Levine (1991); Levine & Zervos (1998)):…”

Section: B the Euro Currency And The Economic Growth-stock Market LImentioning

confidence: 99%

Does the Euro affect the dynamic relation between stock market liquidity and the business cycle?

Smimou¹,

Khallouli

2015

Emerging Markets Review

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Measuring financial market integration in the European Union: EU15 vs. New Member States

Cited by 17 publications

References 4 publications

Empirical Evidence of Capital Mobility in the EU New Member States

Empirical Evidence of Capital Mobility in the EU New Member States

SMEs’ growth under financing constraints and banking markets integration in the euro area

Does the Euro affect the dynamic relation between stock market liquidity and the business cycle?

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