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dc.contributor.authorErdogan, Burcuen_US
dc.date.accessioned2009-04-28en_US
dc.date.accessioned2010-05-14T11:54:42Z-
dc.date.available2010-05-14T11:54:42Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/31992-
dc.description.abstractThis paper examines the integration of stock markets in Germany, France, Netherlands, Ireland and UK over January 1973-August 2008 at the aggregate market and industry level considering the following industries: basic materials, consumer goods, industrials, consumer services, health care and financials. The analysis is carried out by using correlation analysis, ß-convergence and s-convergence methods. ß-convergence serves to measure the speed of convergence and s-convergence serves to measure the degree of financial integration. It might be expected a priori that European stock markets have converged during the process of monetary, economic and financial integration in Europe. This study offers evidence for an increasing degree of integration both at the aggregate level and also at the industry level, although some differences in the speed and degree of convergence exist among stock markets. Surprisingly, there is an upswing of cross sectional dispersion for health care industry, which is more prone to regional shocks. The other industries show a significant s-convergence. The average half-life of a shock to convergence changes at a range from 5.75 days for aggregate market to 10.25 days for consumer goods.en_US
dc.language.isoengen_US
dc.publisherCenter for European, Governance and Economic Development Research Göttingenen_US
dc.relation.ispartofseriesCeGE Discussion Paper 80en_US
dc.rights.accessrightsinfo:eu-repo/semantics/openAccess-
dc.subject.jelC22en_US
dc.subject.jelG12en_US
dc.subject.jelG15en_US
dc.subject.jelF36en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial integrationen_US
dc.subject.keywordEUen_US
dc.subject.keywordstock marketsen_US
dc.subject.keywordß-convergenceen_US
dc.subject.keywords-convergenceen_US
dc.subject.keywordcorrelation analysisen_US
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen_US
dc.subject.stwAktienmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwKapitalmarktliberalisierungen_US
dc.subject.stwKorrelationen_US
dc.subject.stwEU-Staatenen_US
dc.titleHow does European Integration affect the European Stock Markets?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn598701389en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.relation.projectidinfo:eu-repo/grantAgreement/EC/FP7/217266-
dc.identifier.repecRePEc:zbw:cegedp:80-
Appears in Collections:cege-Diskussionspapiere, Universität Göttingen
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