Financial Integration at Times of Crisis and Recovery

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F17%3A10238172" target="_blank" >RIV/61989100:27510/17:10238172 - isvavai.cz</a>

Výsledek na webu

<a href="http://www.emeraldinsight.com/doi/pdfplus/10.1108/S1569-376720170000018010" target="_blank" >http://www.emeraldinsight.com/doi/pdfplus/10.1108/S1569-376720170000018010</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Financial Integration at Times of Crisis and Recovery

Popis výsledku v původním jazyce

The global financial crisis of 2007/2008 interrupted the process of financial integration observed in the European Union since the beginning of the 2000s. This paper empirically analyzes whether financial integration resumed, focusing on the period 2002-2015 and employing the indicators of the speed and the level of integration. The analysis covers four financial markets (the money, foreign exchange, bond, and equity markets) of the selected inflation-targeting Central European economies (the Czech Republic, Hungary, and Poland), representatives of new euro area countries (Slovenia and Slovakia) and the selected advanced Western European economies (Austria, Germany, Portugal) with the euro area. The results reveal that the global financial crisis caused mainly a temporary price divergence of the financial markets in the analyzed countries vis-a-vis the euro area. By 2015 the situation on the financial markets returned gradually to the pre-crisis degree of integration with the euro area for most of the countries and markets; however, there are signs of fragmentation on the government bond markets.

Název v anglickém jazyce

Financial Integration at Times of Crisis and Recovery

Popis výsledku anglicky

The global financial crisis of 2007/2008 interrupted the process of financial integration observed in the European Union since the beginning of the 2000s. This paper empirically analyzes whether financial integration resumed, focusing on the period 2002-2015 and employing the indicators of the speed and the level of integration. The analysis covers four financial markets (the money, foreign exchange, bond, and equity markets) of the selected inflation-targeting Central European economies (the Czech Republic, Hungary, and Poland), representatives of new euro area countries (Slovenia and Slovakia) and the selected advanced Western European economies (Austria, Germany, Portugal) with the euro area. The results reveal that the global financial crisis caused mainly a temporary price divergence of the financial markets in the analyzed countries vis-a-vis the euro area. By 2015 the situation on the financial markets returned gradually to the pre-crisis degree of integration with the euro area for most of the countries and markets; however, there are signs of fragmentation on the government bond markets.

Druh

C - Kapitola v odborné knize

CEP obor

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OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

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Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název knihy nebo sborníku

Economic Imbalances and Institutional Changes to the Euro and the European Union

ISBN

978-1-78714-510-8

Počet stran výsledku

30

Strana od-do

173-191

Počet stran knihy

480

Název nakladatele

Emerald Group Publishing Limited

Místo vydání

Bradford

Kód UT WoS kapitoly

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