LEADER 06461oam 22014774 450 001 9910826087003321 005 20240410162131.0 010 $a1-4623-4171-3 010 $a1-4527-0371-X 010 $a1-283-51309-9 010 $a9786613825544 010 $a1-4519-1009-6 035 $a(CKB)3360000000443546 035 $a(EBL)3012501 035 $a(SSID)ssj0001475322 035 $a(PQKBManifestationID)11787764 035 $a(PQKBTitleCode)TC0001475322 035 $a(PQKBWorkID)11486124 035 $a(PQKB)10084262 035 $a(OCoLC)535146889 035 $a(MiAaPQ)EBC3012501 035 $a(IMF)WPIEE2006296 035 $a(EXLCZ)993360000000443546 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEconomic Integration and Financial Stability : $eA European Perspective /$fGianni De Nicolo, Alexander Tieman 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 300 $a"December 2006." 311 $a1-4518-6556-2 320 $aIncludes bibliographical references (p. 26-28). 327 $a""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"" 327 $a""Table 5. Dependent Variables: Cross-Country Variance of Portfoliosa??? DDs""""Table 6. Dependent Variable: Banks DDs Changes""; ""Table 7. Dependent Variable: Insurance DDs Changes""; ""Appendix Table 1. Banks and Insurance Companies""; ""REFERENCES"" 330 3 $aThis paper assesses changes in synchronization of real activity and financial market integration in Western Europe and evaluates their implications for financial stability. We find increased synchronization of real activity since the early 1980s and increased equity markets integration since the early 1990s. We also find that measures of systemic risk at large European financial institutions have not declined during the period 1990-2004 and that bank systemic risk profiles have converged. At the same time, the sensitivity of bank and insurance systemic risk measures to common real and financial shocks has increased in most countries. Overall, these results suggest that the integration process does not necessarily entail an unambiguously positive effect on financial stability. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/296 606 $aFiscal policy$zEurope$xEconometric models 606 $aFinance$zEurope$xEconometric models 606 $aBanks and Banking$2imf 606 $aFinance: General$2imf 606 $aIndustries: Financial Services$2imf 606 $aMacroeconomics$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aInsurance$2imf 606 $aInsurance Companies$2imf 606 $aActuarial Studies$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aSystemic risk$2imf 606 $aStock markets$2imf 606 $aFinancial integration$2imf 606 $aInsurance companies$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aFinancial markets$2imf 606 $aFinancial institutions$2imf 606 $aPersonal income$2imf 606 $aNational accounts$2imf 606 $aFinancial risk management$2imf 606 $aStock exchanges$2imf 606 $aBanks and banking$2imf 606 $aInternational finance$2imf 606 $aIncome$2imf 607 $aEurope$xEconomic integration$xEconometric models 607 $aEurope$xEconomic conditions$xEconometric models 607 $aItaly$2imf 615 0$aFiscal policy$xEconometric models. 615 0$aFinance$xEconometric models. 615 7$aBanks and Banking 615 7$aFinance: General 615 7$aIndustries: Financial Services 615 7$aMacroeconomics 615 7$aFinancial Aspects of Economic Integration 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aInsurance 615 7$aInsurance Companies 615 7$aActuarial Studies 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aFinance 615 7$aBanking 615 7$aSystemic risk 615 7$aStock markets 615 7$aFinancial integration 615 7$aInsurance companies 615 7$aFinancial sector policy and analysis 615 7$aFinancial markets 615 7$aFinancial institutions 615 7$aPersonal income 615 7$aNational accounts 615 7$aFinancial risk management 615 7$aStock exchanges 615 7$aBanks and banking 615 7$aInternational finance 615 7$aIncome 700 $aDe Nicolo$b Gianni$0375199 701 $aTieman$b Alexander$01636990 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910826087003321 996 $aEconomic Integration and Financial Stability$93990364 997 $aUNINA