LEADER 02442nam 2200349 450 001 9910774751803321 005 20230221100943.0 035 $a(CKB)5470000001631846 035 $a(NjHacI)995470000001631846 035 $a(EXLCZ)995470000001631846 100 $a20230221d2022 uy 0 101 0 $aeng 135 $aur||||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aEIB Working Paper 2022/15 - Estimating financial integration in Europe $eHow to separate structural trends from cyclical fluctuations /$fEuropean Investment Bank 210 1$a[Place of publication not identified] :$cEuropean Investment Bank,$d2022. 210 4$dİ2022 215 $a1 online resource (32 pages) 320 $aIncludes bibliographical references and index. 330 $a"Financial integration, broadly defined as the intensity of cross-border linkages between financial markets, has the potential to channel capital to where it is most productive, bringing many benefits. However, some financial integration is cyclical, increasing economic upswings and declining during down-turns. Of more long-term benefit is financial integration driven by structural factors such as the reductions in exchange rate risk and the increased regulatory or supervisory convergence associated with the establishment of a currency union, such as Europe's Economic and Monetary Union. This paper presents a new indicator of de facto financial integration in the European Union. Analysing this indicator alongside different financial and macroeconomic variables makes it possible to separate the impact of cyclical boom-bust shocks from the influence structural factors. It shows that increasing structural financial integration tends to improve risk absorption and reduce income disparities among European countries. However, it also suggests that most of the movements in the indicator reflect business cycle dynamics, rather than structural integration. These results highlight the need to develop further policies to foster structural financial integration in the EU." 517 $aEIB Working Paper 2022/15 - Estimating financial integration in Europe 606 $aEconomic policy 615 0$aEconomic policy. 676 $a338.9 801 0$bNjHacI 801 1$bNjHacl 906 $aBOOK 912 $a9910774751803321 996 $aEIB Working Paper 2022$92835651 997 $aUNINA