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THE KNOWLEDGE ECONOMY OF THE RENAISSANCE: THE ADVENT OF PRINTING AND FINANCIAL INTEGRATION IN CENTRAL EUROPE

100%
Chilosi D., Volckart O.
Český časopis historický (The Czech Historical Review)
|
2011
|
vol. 109
|
issue 2
262-282
EN
This paper examines the role of the advent of printing in explaining financial integration in Central Europe until 1520. It finds that printing promoted financial integration because it triggered a fall in the costs of transmitting information, assisted the functioning of the Holy Roman Empire in major centres and significantly increased the financial importance of human capital.
2

Integracja finansowa strefy euro – wnioski dla Polski

100%
Zyguła A.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2011
|
issue 875
63-77
EN
The internationalisation of economies and the deepening of cooperation on a regional and global scale have determined to a large extent changes on global financial markets. The process of financial integration within the European Union is, therefore, a part of a broader process of globalisation and liberalisation of the world economy. The introduction in 1999 of a common currency, the euro, has created a unique opportunity to step up this process. Financial integration is an extremely complex phenomenon. Due to the multiplicity of determining conditions, it is impossible to highlight them all. Accordingly, the article characterises synthetically the financial market integration process in the euro area by focusing only on two of their main operating segments, i.e. money markets and capital markets. Within these segments the largest sub-segments – markets – have been characterised, taking as a criterion in its narrow definition the type of partial instruments occurring on these markets.
3

DEVELOPMENT OF INTERNATIONAL INVESTMENT POSITION IN THE SELECTED NEW EUROPEAN UNION MEMBER COUNTRIES

100%
Mirdala R.
Rehionalna ekonomika
|
2008
|
issue 3(49)
139-151
EN
In the following paper we examine the main aspects of international investment position development in the selected new European Union member countries since 1999, with an emphasis on their international financial assets and liabilities structure. We assess the extent of the Bulgaria's and Romania's international financial integration compared with the Czech Republic and the Slovak Republic. The aim is to examine the main implications of the different economic performances of the countries on the selected aspects of their international financial integration. We also observe the main trends in their external capital structure development in terms of the relative importance of foreign direct investments, portfolio equity and debt investments and external debt. Finally, we study the implications of the accumulated stock of external capital for future trade and current account balances development.
4

FINANCIAL INTEGRATION BEFORE AND AFTER THE CRISIS: EULER EQUATIONS (RE)VISIT THE EUROPEAN UNION

88%
Globan T., Soriċ P.
Ekonomický časopis (Journal of Economics)
|
2017
|
vol. 65
|
issue 3
237 – 262
EN
This paper aims to provide a rare application of several types of Euler equation tests to estimate the degree of financial integration of 28 EU countries with the Eurozone. The analysis is done separately for risk-free and risky assets in three types of financial markets (bond, stock and money markets). To examine whether the recent crisis impacted the levels of financial integration in EU member states, all models were estimated for the entire period of available quarterly data (1995 – 2014), as well as for the pre-crisis period only. We construct an Euler integration index (EII) that measures the integration level of countries across financial markets and show that the old member states (OMS) recorded higher integration levels than the new member states (NMS) in the pre-crisis period. The crisis has considerably decreased the gap, resulting with NMS surpassing the OMS in EII values.
5

LIMITATION OF THE AUTONOMY OF MONETARY POLICY IN FINANCIAL INTEGRATION (Ograniczenie autonomii polityki pienieznej w wawunkach integracji finansowej)

88%
Jurek M.
Ekonomista
|
2010
|
issue 3
319-343
EN
The aim of the paper is to analyze the possibilities of overcoming the asymmetric shocks under fully fixed and fully floating exchange rate regimes, taking into consideration increasing financial integration which results in mounting capital flows. The analysis is based on the use of the Mundell-Fleming model within the framework of the theory of Optimum Currency Areas. The main conclusion is that (under the assumption that changes of nominal market interest rate are the only factor influencing the scale ant magnitude of capital flows) members of a currency union should offset negative results of the asymmetric shock with the use of instruments of fiscal policy. This appears to be more effective than monetary policy instruments. Hence, in analyzing the group of countries that want to establish a currency union or already have become members of such union, costs of the loss of monetary policy autonomy need not be related to benefits from preserving the autonomy. What should be taken into account is the quality of fiscal policy of these countries. Resignation from the autonomy of monetary policy would be a rash step only if the countries concerned are not prepared to conduct coordinated, disciplined and transparent fiscal policy.
6

FINANCIAL AND TRADE INTEGRATION OF SELECTED EU REGIONS: DYNAMIC CORRELATION AND WAVELET APPROACH

75%
Kučerová Z., Poměnková J.
Ekonomický časopis (Journal of Economics)
|
2015
|
vol. 63
|
issue 7
686 – 704
EN
We evaluate the process of financial and trade integration in 26 European Union (EU) countries over the period 1993 – 2012. We distinguish between “new” and “old” EU countries to compare the processes of financial and trade integration in the developed countries and formerly central-planned economies. We use classical and moving correlation, dynamic correlation and wavelet co-spectrum. The classical and moving correlation shows the strong relation until 2008. The dynamic correlation confirms strong relation for long and business cycle frequencies. Specification via wavelet co-spectrum reveals that long frequencies are correlated in the period 200 – 2009, business cycle frequencies in the period 1993 – 1994 and 2003 – 2004 and middle frequencies generally in the period 2008 – 201. The process of financial integration was stronger in the old EU member countries while the process of trade integration in the new member countries.
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