Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/119723
Authors: 
Flotho, D. Teja
Year of Publication: 
2002
Series/Report no.: 
Nota di Lavoro, Fondazione Eni Enrico Mattei 115.2002
Abstract: 
In this paper we use empirical cross-country correlation coefficients of GDP- and private consumption data as a measure of financial integration between the current EU-member states and the central and eastern European accession states. We find, that the so-called consumption correlation puzzle with high output correlations and considerably small(er) consumption correlations (just opposite to the theory of complete financial markets) does also and still exist among European countries, even using data-sets covering most recent time periods. Thus, there seems to be less financial market integration than often expected.
Subjects: 
Consumption correlations
European financial integration
financial
JEL: 
E32
F41
Document Type: 
Working Paper

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