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Financial market integration and economic growth in the EU

Guiso, Luigi and Jappelli, Tullio and Padula, Mario and Pagano, Marco (2004) Financial market integration and economic growth in the EU. Economic Policy, Vol. 19 (40), p. 523-577. eISSN 1468-0327. Article.

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DOI: 10.1111/j.1468-0327.2004.00131.x


The current diversity in the 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.

Item Type:Article
ID Code:2542
Uncontrolled Keywords:Financial market integration, financial development, European Union
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Blackwell / Wiley
Copyright Holders:© CEPR, CES, MSH, 2004
Deposited On:18 Aug 2009 10:08

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