Economic Integration and Financial Stability: A European Perspective
Опубликовано на портале: 23-12-2007
IMF ,Working Paper.
2006.
No. 06/296.
Тематический раздел:
This paper assesses changes in synchronization of real activity and financial market
integration in Western Europe and evaluates their implications for financial stability.
We find
increased synchronization of real activity since the early 1980s and increased equity
markets
integration since the early 1990s. We also find that measures of systemic risk at
large
European financial institutions have not declined during the period 1990-2004 and
that bank
systemic risk profiles have converged. At the same time, the sensitivity of bank
and
insurance systemic risk measures to common real and financial shocks has increased
in most
countries. Overall, these results suggest that the integration process does not necessarily
entail an unambiguously positive effect on financial stability.
Ключевые слова
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