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dc.contributor.authorKalemli-Özcan, Sebnemen
dc.contributor.authorSørensen, Bent E.en
dc.contributor.authorVolosovych, Vadymen
dc.date.accessioned2010-11-03-
dc.date.accessioned2011-05-09T09:34:13Z-
dc.date.available2011-05-09T09:34:13Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aTÜSİAD-Koç University Economic Research Forum |cIstanbulen
dc.relation.ispartofseries|aWorking Paper |x1006 [rev.]en
dc.subject.jelE32en
dc.subject.jelF15en
dc.subject.jelF36en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordfirm volatilityen
dc.subject.keywordforeign ownershipen
dc.subject.keywordregional integrationen
dc.subject.keywordsocial capitalen
dc.subject.keywordmacro volatilityen
dc.subject.stwFinanzmarkten
dc.subject.stwWirtschaftsintegrationen
dc.subject.stwUnternehmensentwicklungen
dc.subject.stwIndustrielle Produktionen
dc.subject.stwVolatilitäten
dc.subject.stwEU-Staatenen
dc.titleDeep financial integration and volatility-
dc.typeWorking Paperen
dc.identifier.ppn638350328en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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