Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/31992 
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dc.contributor.authorErdogan, Burcuen
dc.date.accessioned2009-04-28-
dc.date.accessioned2010-05-14T11:54:42Z-
dc.date.available2010-05-14T11:54:42Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/31992-
dc.description.abstractThis paper examines the integration of stock markets in Germany, France, Netherlands, Ireland and UK over January 1973-August 2008 at the aggregate market and industry level considering the following industries: basic materials, consumer goods, industrials, consumer services, health care and financials. The analysis is carried out by using correlation analysis, ß-convergence and s-convergence methods. ß-convergence serves to measure the speed of convergence and s-convergence serves to measure the degree of financial integration. It might be expected a priori that European stock markets have converged during the process of monetary, economic and financial integration in Europe. This study offers evidence for an increasing degree of integration both at the aggregate level and also at the industry level, although some differences in the speed and degree of convergence exist among stock markets. Surprisingly, there is an upswing of cross sectional dispersion for health care industry, which is more prone to regional shocks. The other industries show a significant s-convergence. The average half-life of a shock to convergence changes at a range from 5.75 days for aggregate market to 10.25 days for consumer goods.en
dc.language.isoengen
dc.publisher|aUniversity of Göttingen, Center for European, Governance and Economic Development Research (cege) |cGöttingenen
dc.relation.ispartofseries|acege Discussion Papers |x80en
dc.rights.accessrightsinfo:eu-repo/semantics/openAccessen
dc.subject.jelC22en
dc.subject.jelG12en
dc.subject.jelG15en
dc.subject.jelF36en
dc.subject.ddc330en
dc.subject.keywordFinancial integrationen
dc.subject.keywordEUen
dc.subject.keywordstock marketsen
dc.subject.keywordß-convergenceen
dc.subject.keywords-convergenceen
dc.subject.keywordcorrelation analysisen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwAktienmarkten
dc.subject.stwMarktintegrationen
dc.subject.stwKapitalmarktliberalisierungen
dc.subject.stwKorrelationen
dc.subject.stwEU-Staatenen
dc.titleHow does European Integration affect the European Stock Markets?-
dc.type|aWorking Paperen
dc.identifier.ppn598701389en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.relation.projectidinfo:eu-repo/grantAgreement/EC/FP7/217266en
dc.identifier.repecRePEc:zbw:cegedp:80en

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