Search results for "Financial integration"

The impact of the financial crisis on financial integration, growth and investment

2012

Financial crises, and in particular those of the past few years, have severe consequences for the affected economies. In this paper we analyse the impact of financial development and European financial integration on growth and we find no reversal of the growth benefits of financial development and integration in recent years. This highlights the economic cost of regulatory changes that would reverse European financial integration. We also find that, following a financial crisis, investment declines more in countries with a greater degree of uncertainty aversion, which can be informative for evaluating post-crisis economic performance.

What Can International Finance Add to International Strategy?

2011

This chapter focuses on the role of corporate financial strategies to improve firms’ market valuations, and thus lower their cost of capital. The identification of successful strategies is accomplished within an overall strategic framework and related to how the firm perceives the degree of international financial integration. Five strategies for how to break out of a segmented, thin domestic capital market are highlighted together with historical success cases. The chapter illustrates the linkages between business strategy, firm motivation, and various financial strategies. JEL: F21, F23, F36, G32, G34.

Growth in a time of external imbalances

2019

Abstract Globalization and financial integration have increased in the last three decades giving rise to cumulated large external imbalances. The question we address in this paper is whether economic growth can be affected by these external imbalances. We estimate an augmented growth equation with the external stock position of the countries measured by the net foreign asset position. Unlike previous literature, we use non-parametric methods that capture non-linearities and heterogeneity, and apply them to a sample that includes 106 developed and developing countries for the period 1983-2011. Contrary to the neoclassical theory, we find that improvements in the external position foster grow…

Nordic stock market integration

2001

L’evoluzione del sistema dei pagamenti in Italia: configurazioni strutturali e profili di integrazione finanziaria

2019

Un corretto ed ordinato sistema dei pagamenti costituisce condizione essenziale per la stabilità e l’efficienza del sistema finanziario, per il buon funzionamento dei mercati e per la conduzione della politica monetaria. L’intero sistema dei pagamenti italiano è evoluto in direzione di più elevati livelli di efficienza ed efficacia, in un contesto di progressiva armonizzazione e cooperazione sovranazionale, quale condizione per lo sviluppo di un sistema integrato dei pagamenti europeo; il presente articolo pertanto delinea, seppure a grandi linee, il quadro evolutivo del sistema dei pagamenti nazionale, avuto riguardo agli aspetti istituzionali, economico-finanziari e regolamentari. This pa…

Financial Fragmentation and Economic Growth in Europe

2015

Using industry data from Eurostat and applying the Rajan-Zingales methodology, we investigate the real growth effects of banking sector integration in the European Union. Our sample stretches from 2000 until 2012 and includes the phase of rapid financial integration before the global financial crisis as well as the following phase of financial fragmentation and bank deleveraging. We find evidence that banking sector integration had a more than four times stronger growth effect during the crisis than in normal times. Growth effects are also stronger in times of domestic bank deleveraging. We conclude that concerns of European policy makers about fragmentation in the European banking sector a…