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dc.contributor.authorWagenvoort, Rienen
dc.contributor.authorEbner, Andréen
dc.contributor.authorMorgese Borys, Magdalenaen
dc.date.accessioned2011-04-19-
dc.date.accessioned2011-04-29T08:05:12Z-
dc.date.available2011-04-29T08:05:12Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/45273-
dc.description.abstractBy using an existing and a new convergence measure, this paper assesses whether bank loan and bond interest rates are converging for the non-financial corporate sector across the euro area. Whilst we find evidence for complete bond market integration, the market for bank loans remains segmented, albeit to various degrees depending on the type and size of the loan. Factor analysis reveals that rates on large loans and small loans with long rate fixation periods have weakly converged in the sense that, up to a fixed effect, their evolution is driven by common factors only. In contrast, the price evolution of small loans with short rate fixation periods is still affected by country-specific dynamic factors. There are few signs that bank loan rates are becoming more uniform with time.en
dc.language.isoengen
dc.publisher|aEuropean Investment Bank (EIB) |cLuxembourgen
dc.relation.ispartofseries|aEconomic and Financial Report |x2009/01en
dc.subject.jelC12en
dc.subject.jelC23en
dc.subject.jelG12en
dc.subject.jelG21en
dc.subject.ddc330en
dc.subject.keywordfinancial market integrationen
dc.subject.keywordcorporate loanen
dc.subject.keywordcorporate bonden
dc.subject.keywordpanel unit root testen
dc.subject.keywordfactor analysisen
dc.titleA factor analysis approach to measuring European loan and bond market integration-
dc.typeWorking Paperen
dc.identifier.ppn656652209en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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