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dc.contributor.authorKalemli-Özcan, Sebnemen_US
dc.contributor.authorSørensen, Bent E.en_US
dc.contributor.authorVolosovych, Vadymen_US
dc.date.accessioned2010-11-03en_US
dc.date.accessioned2011-05-09T09:34:13Z-
dc.date.available2011-05-09T09:34:13Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/45406-
dc.description.abstractWe investigate the relationship between financial integration and output volatility at micro and macro levels. Using a very large firm-level dataset (AMADEUS) from 16 European countries, we construct a measure of deep financial integration at the regional level based on observations of foreign ownership at the firm-level. We find a significant positive effect of foreign ownership on the volatility of firms' outcomes in static as well as dynamic empirical frameworks. This effect survives aggregation and carries over to regional output, leading to a positive association between deep financial integration and aggregate fluctuations. To identify the causal effect of financial integration on volatility we exploit variation in the transposition dates of the European Union-wide legislative acts from the Financial Services Action Plan (FSAP). We find that high trust regions located in countries who harmonized their capital markets sooner have increased levels of financial integration and volatility.en_US
dc.language.isoengen_US
dc.publisherTÜSİAD-Koç University Economic Research Forum Istanbulen_US
dc.relation.ispartofseriesTÜSİAD-Koç University Economic Research Forum working paper series 1006 [rev.]en_US
dc.subject.jelE32en_US
dc.subject.jelF15en_US
dc.subject.jelF36en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordfirm volatilityen_US
dc.subject.keywordforeign ownershipen_US
dc.subject.keywordregional integrationen_US
dc.subject.keywordsocial capitalen_US
dc.subject.keywordmacro volatilityen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwWirtschaftsintegrationen_US
dc.subject.stwUnternehmensentwicklungen_US
dc.subject.stwIndustrielle Produktionen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwEU-Staatenen_US
dc.titleDeep financial integration and volatilityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn638350328en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ERF Working Paper Series, TÜSİAD-Koç University Economic Research Forum (ERF)

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