06495oam 22014894 450 991082608700332120200520144314.01-4623-4171-31-4527-0371-X1-283-51309-997866138255441-4519-1009-6(CKB)3360000000443546(EBL)3012501(SSID)ssj0001475322(PQKBManifestationID)11787764(PQKBTitleCode)TC0001475322(PQKBWorkID)11486124(PQKB)10084262(OCoLC)535146889(IMF)WPIEE2006296(MiAaPQ)EBC3012501(IMF)WPIEA2006296(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 modelsActuarial StudiesimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfDepository InstitutionsimfFinanceimfFinance: GeneralimfFinancial Aspects of Economic IntegrationimfFinancial institutionsimfFinancial InstrumentsimfFinancial integrationimfFinancial marketsimfFinancial risk managementimfFinancial sector policy and analysisimfGeneral Financial Markets: General (includes Measurement and Data)imfGeneral Financial Markets: Government Policy and RegulationimfIncomeimfIndustries: Financial ServicesimfInstitutional InvestorsimfInsurance CompaniesimfInsurance companiesimfInsuranceimfInternational financeimfMacroeconomicsimfMicro Finance InstitutionsimfMortgagesimfNational accountsimfNon-bank Financial InstitutionsimfPension FundsimfPersonal incomeimfPersonal Income, Wealth, and Their DistributionsimfStock exchangesimfStock marketsimfSystemic riskimfEuropeEconomic integrationEconometric modelsEuropeEconomic conditionsEconometric modelsItalyimfFiscal policyEconometric models.FinanceEconometric models.Actuarial StudiesBankingBanks and BankingBanks and bankingBanksDepository InstitutionsFinanceFinance: GeneralFinancial Aspects of Economic IntegrationFinancial institutionsFinancial InstrumentsFinancial integrationFinancial marketsFinancial risk managementFinancial sector policy and analysisGeneral Financial Markets: General (includes Measurement and Data)General Financial Markets: Government Policy and RegulationIncomeIndustries: Financial ServicesInstitutional InvestorsInsurance CompaniesInsurance companiesInsuranceInternational financeMacroeconomicsMicro Finance InstitutionsMortgagesNational accountsNon-bank Financial InstitutionsPension FundsPersonal incomePersonal Income, Wealth, and Their DistributionsStock exchangesStock marketsSystemic riskDe Nicolo Gianni375199Tieman Alexander1636990International Monetary Fund.DcWaIMFBOOK9910826087003321Economic Integration and Financial Stability4243161UNINA