The Evidence and Impact of Financial Globalization

Chapter 26

Financial Integration in Europe

T. Jappelli*,^{†, ‡} and M. Pagano*,^{†, ‡}

^*University of Naples Federico II, Naples, Italy

^†Center for Studies in Economics and Finance (CSEF), Naples, Italy

^‡Centre for Economic Policy Research (CEPR), London, UK

Outline

Financial Integration and Financial Development

Barriers to Financial Integration

Financial Integration and Financial Development

Financial Integration and Growth

Financial Integration and Capital Mobility

Financial Integration and Risk Sharing

How Integrated are European Financial Markets?

Money Markets

Bond Markets

Stock Markets

Credit Markets

Prospects for Security Market Integration

Clearing and Settlement

Stock Trading Infrastructure

Government Bond Issuance

Transparency in the Corporate ...