06461oam 22014774 450 991082608700332120240410162131.01-4623-4171-31-4527-0371-X1-283-51309-997866138255441-4519-1009-6(CKB)3360000000443546(EBL)3012501(SSID)ssj0001475322(PQKBManifestationID)11787764(PQKBTitleCode)TC0001475322(PQKBWorkID)11486124(PQKB)10084262(OCoLC)535146889(MiAaPQ)EBC3012501(IMF)WPIEE2006296(EXLCZ)99336000000044354620020129d2006 uf 0engur|n|---|||||txtccrEconomic Integration and Financial Stability : A European Perspective /Gianni De Nicolo, Alexander Tieman1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (30 p.)IMF Working Papers"December 2006."1-4518-6556-2 Includes bibliographical references (p. 26-28).""Economic Integration and Financial Stability: A European Perspective""; ""Contents""; ""I. INTRODUCTION""; ""II. SYNCHRONIZATION OF REAL ACTIVITY""; ""III. EQUITY MARKETS INTEGRATION""; ""IV. SYSTEMIC RISK AND INTEGRATION""; ""V. CONCLUSION""; ""Table 1. EGARCH Estimates for the Common Components of IPG""; ""Table 2. EGARCH Estimates for Cross-Country Variances of IPG and De-Trended IPG""; ""Table 3. Country-by-Country EGARCH Estimates for IPG""; ""Table 4. Dependent Variables: Cross-Country Variance of IEDFs and Country IEDFs""""Table 5. Dependent Variables: Cross-Country Variance of Portfolios� DDs""""Table 6. Dependent Variable: Banks DDs Changes""; ""Table 7. Dependent Variable: Insurance DDs Changes""; ""Appendix Table 1. Banks and Insurance Companies""; ""REFERENCES""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.IMF Working Papers; Working Paper ;No. 2006/296Fiscal policyEuropeEconometric modelsFinanceEuropeEconometric modelsBanks and BankingimfFinance: GeneralimfIndustries: Financial ServicesimfMacroeconomicsimfFinancial Aspects of Economic IntegrationimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfInsuranceimfInsurance CompaniesimfActuarial StudiesimfGeneral Financial Markets: Government Policy and RegulationimfGeneral Financial Markets: General (includes Measurement and Data)imfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfPersonal Income, Wealth, and Their DistributionsimfFinanceimfBankingimfSystemic riskimfStock marketsimfFinancial integrationimfInsurance companiesimfFinancial sector policy and analysisimfFinancial marketsimfFinancial institutionsimfPersonal incomeimfNational accountsimfFinancial risk managementimfStock exchangesimfBanks and bankingimfInternational financeimfIncomeimfEuropeEconomic integrationEconometric modelsEuropeEconomic conditionsEconometric modelsItalyimfFiscal policyEconometric models.FinanceEconometric models.Banks and BankingFinance: GeneralIndustries: Financial ServicesMacroeconomicsFinancial Aspects of Economic IntegrationBanksDepository InstitutionsMicro Finance InstitutionsMortgagesInsuranceInsurance CompaniesActuarial StudiesGeneral Financial Markets: Government Policy and RegulationGeneral Financial Markets: General (includes Measurement and Data)Pension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsPersonal Income, Wealth, and Their DistributionsFinanceBankingSystemic riskStock marketsFinancial integrationInsurance companiesFinancial sector policy and analysisFinancial marketsFinancial institutionsPersonal incomeNational accountsFinancial risk managementStock exchangesBanks and bankingInternational financeIncomeDe Nicolo Gianni375199Tieman Alexander1636990International Monetary Fund.DcWaIMFBOOK9910826087003321Economic Integration and Financial Stability3990364UNINA