The Euro Homepage
Financial Market Integration
Financial Systems and
Diversification and Risk
Common currency area
History of the Euro
• Cappiello, L., Ph. Hartmann, R. Hordahl, A. Kadareja and S. Manganelli (2005), "The Impact of the Euro on Financial Markets", What effects is EMU having on the euro area and its member countries, ECB conference 16-17 June 2005
Report by the ECB-CFS Research Network on "Capital
Markets and Financial Integration in Europe". December 2004
• Pagano, Marco and von Thadden Ernst-Ludwig (2004), The European Bonds Market Under EMU
• Baele, Lieven, Annalisa Ferrando, Peter Hördahl, Elizaveta Krylova and Cyril Monnet (2004), Measuring financial integration in the euro area, ECB Occasional Paper No. 14
• Blanchard, O and F.Giavazzi (2002) "Current Account deficits in the Euro Area: The end of the Feldstein-Horioka Puzzle?", mimeo MIT.
• Peree, E. and F. Steinherr (2001) " The Euro and capital markets: a new era", The World Economy.
• European Commission (2001): Report of the Committee of Wise Men on the Regulation of European Securities Markets (Lamfalussy report)
• Hartmann, Philipp and Carsten Detken (2000), The euro and international capital markets, ECB Working Paper No. 19
• Javier Santillán, Marc Bayle and Christian Thygesen (2000), The impact of the euro on money and bond markets ECB Occasional Paper No. 1
• Christian Noyer (2000), The outlook for the euro area economy and its financial markets, EN
McCauley, Robert N. and William R. White (1997)
• O. de Bandt and E. P. Davis (1999), A cross-country comparison of market structures in European banking, ECB Working Paper No. 7
• Wayne E. Ferson, Campbell R. Harvey (1999), Economic, Financial, and Fundamental Global Risk In and Out of the EMU, NBER WP 6967
The role of Financial Frictions...
• Stephen Cecchetti (1999), Legal Structure, Financial Structure and the Monetary Transmission Mechanism
• Faia, Ester (2002), Monetary policy in a world with different financial systems, ECB WP 183.
• Simon Gilchrist, Jean-Olivier Hairault and Hubert Kempf (2002), Monetary policy and the Financial Accelerator in a Monetary Union, ECB WP 175.
de Bondt, Gabe (1999), Credit channels and consumption in Europe: empirical
Working Paper 69
Lender of last resort / surveilance...
• Duisenberg, Wim (2000) The future of banking supervision and the integration of financial markets
Tommaso (1999) EMU and banking supervision, Lecture
at the London School of Economics
• IMF (1999) EMU, Banking System Performance, and Supervision and Regulation, International Captial Markets.
• Giannini, Curzio (1999), "Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function, IMF Working Paper No. 99/10
• ZEI (1999), Financial Supervision and Policy Coordination in the EMU, Policy Paper
• Prati, Alessandro and Garry J. Schinasi (1998), Ensuring Financial Stability in the Euro Area, IMF Finance and Development
• Deppler, Michael C. (1998), The Implications of EMU for IMF Surveillance, IMF Finance and Development
• Report on EU banking structure ECB November 2004
• EU banking system stability ECB November 2004
• Feldstein, Martin (2005), The Euro and the Stability Pact, NBER WP 11249
• Portes, Richard (2002), The European Contribution to International Financial Stability CEPR WP 2956
• Portes, Richard (2002), The Euro and the Financial System CEPR WP 2955
• International Lender of Last Resort and Moral Hazard: a Model of IMF's catalytic finance, Giancarlo Corsetti, Bernardo Guimaraes and Nouriel Roubini
Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic
Effect of IMF Crisis Lending Cottarelli, Carlo | Giannini, Curzio
IMF working paper
Reports and books...
or Bail-ins? Responding to Financial Crises in Emerging Economies
by Nouriel Roubini and
• IMF (September 2004), Global Financial Stability Report
• IMF (September 2004) , The Global House Price Boom, World Economic Outlook, Chapter II
• BIS, Quarterly Review: International Banking and Financial Market Developments March, 2004, First issue.
banking sector stability November, 2003
Financial Stability Report, September 2003
Banco de Espana, Financial
Stability Report, November 2003
• Lewis, Karen (1996) "What can explain the apparent lack of international consumption risk-sharing?", Journal of political Economy, 104, pp.267-297
• Sebnem Kalemi-Ozcan, Bent Sorensen, and Oved Yosha (1998), Risk-Sharing and Specialization:Regional and International Evidence
|Page updated: 23/11/05|