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http://hdl.handle.net/10419/19311
  

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dc.contributor.authorReszat, Beateen_US
dc.date.accessioned2009-01-28T15:57:12Z-
dc.date.available2009-01-28T15:57:12Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/19311-
dc.description.abstractEuropean monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the euromarkets in the 1950s over early exchange rate arrangements and the establishment of the Single Market program to the launch of the euro and its effects. Not surprisingly, the contribution of the common currency to financial integration has been the stronger the more national markets have in common and the greater the importance of currency risk as discriminating factor. It has been most successful in the interbank market for very short-term unsecured deposits and in markets for bonds and derivatives, and played a lesser role for collateralised instruments and equities where differences in institutions and systems as well as cultural aspects impose stronger impediments. Experience has shown that in the process of financial integration a common currency is no substitute for the removal of institutional barriers and other obstacles hindering the free move of financial institutions and services. And, it cannot compensate for the specific information about individuals, firms and products required in some market segments that is a lasting impediment to full integration.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesHWWA Discussion Paper 221en_US
dc.subject.jelF33en_US
dc.subject.jelG15en_US
dc.subject.jelE42en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary Standards and Regimesen_US
dc.subject.keywordInternational Monetary Arrangements and Institutionsen_US
dc.subject.keywordInternational Financial Marketsen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwGeschichteen_US
dc.subject.stwEU-Staatenen_US
dc.titleHow has the European Monetary Integration Process Contributed to Regional Financial Market Integration?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn360946364en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:hwwadp:26179-
Appears in Collections:HWWA Discussion Paper, Hamburgisches Welt-Wirtschafts-Archiv

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