Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/19311 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorReszat, Beateen
dc.date.accessioned2009-01-28T15:57:12Z-
dc.date.available2009-01-28T15:57:12Z-
dc.date.issued2003-
dc.identifier.urihttp://hdl.handle.net/10419/19311-
dc.description.abstractEuropean monetary integration was one element in the process of financial market integration but by far not the only one. The paper traces the development of financial markets and systems in Europe from the beginnings of the euromarkets in the 1950s over early exchange rate arrangements and the establishment of the Single Market program to the launch of the euro and its effects. Not surprisingly, the contribution of the common currency to financial integration has been the stronger the more national markets have in common and the greater the importance of currency risk as discriminating factor. It has been most successful in the interbank market for very short-term unsecured deposits and in markets for bonds and derivatives, and played a lesser role for collateralised instruments and equities where differences in institutions and systems as well as cultural aspects impose stronger impediments. Experience has shown that in the process of financial integration a common currency is no substitute for the removal of institutional barriers and other obstacles hindering the free move of financial institutions and services. And, it cannot compensate for the specific information about individuals, firms and products required in some market segments that is a lasting impediment to full integration.en
dc.language.isoengen
dc.publisher|aHamburg Institute of International Economics (HWWA) |cHamburgen
dc.relation.ispartofseries|aHWWA Discussion Paper |x221en
dc.subject.jelF33en
dc.subject.jelG15en
dc.subject.jelE42en
dc.subject.ddc330en
dc.subject.keywordMonetary Standards and Regimesen
dc.subject.keywordInternational Monetary Arrangements and Institutionsen
dc.subject.keywordInternational Financial Marketsen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwFinanzmarkten
dc.subject.stwInternationaler Finanzmarkten
dc.subject.stwMarktintegrationen
dc.subject.stwGeschichteen
dc.subject.stwEU-Staatenen
dc.titleHow has the European Monetary Integration Process Contributed to Regional Financial Market Integration?-
dc.typeWorking Paperen
dc.identifier.ppn363658629en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:hwwadp:26179en

Datei(en):
Datei
Größe
271.05 kB





Publikationen in EconStor sind urheberrechtlich geschützt.