Financial Market Integration and Economic Growth in the EU
Luigi Guiso,
Tullio Jappelli (),
Mario Padula and
Marco Pagano
CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy
Abstract:
The diversity in the current degree of financial development across the EU can be a great opportunity at a time where this area is poised to become increasingly financially integrated. Integration should accelerate the development of the most backward financial markets, and allow companies from these countries to access more sophisticated credit and security markets. In line with a large recent literature, it is reasonable to expect that financial integration will have a "growth dividend" in Europe. This paper attempts to quantify this growth dividend, using both industry and firm-level data to estimate the empirical relationship between financial market development and growth, and to gauge how it will distribute itself across countries and sectors.
Keywords: Financial integration; financial development; growth (search for similar items in EconPapers)
JEL-codes: D92 (search for similar items in EconPapers)
Date: 2004-04-01
New Economics Papers: this item is included in nep-fin, nep-fmk and nep-mfd
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (130)
Published in Economic Policy, October 2004, n. 40, 523-577
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http://www.csef.it/WP/wp118.pdf (application/pdf)
Related works:
Journal Article: Financial market integration and economic growth in the EU (2004)
Working Paper: Financial Market Integration and Economic Growth in the EU (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:sef:csefwp:118
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