English, Article, Journal or magazine article edition: What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade? Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró-Alcalde, José Luis

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Bookmark: http://trove.nla.gov.au/version/148134
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • What Lies Beneath the Euro's Effect on Financial Integration? Currency Risk, Legal Harmonization, or Trade?
Author
  • Kalemli-Ozcan, Sebnem
  • Papaioannou, Elias
  • Peydró-Alcalde, José Luis
Physical Description
  • preprint
Notes
  • Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral banking linkages among twenty industrial countries in the past thirty years. We also construct a dataset that records the timing of legislative-regulatory harmonization policies in financial services across the European Union. We find that the euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative-regulatory convergence explains part of the total effect, whereas trade has no role in explaining the euro's positive effect on integration.
  • euro; exchange rate; financial integration; legislation; regulation; trade
  • RePEc:cpr:ceprdp:7314
Language
  • English
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