Financial Integration, GDP Correlation and the Endogeneity of Optimum Currency Areas

Abstract : The paper analyses the relationship between trade, financial integration and business cycle synchronization in the euro area. The introduction of the euro has had a noticeable impact on European financial markets. Evidence that capital market integration exerts a positive effect on output correlation has two major implications. First, it corroborates the hypothesis of the endogeneity of optimum currency areas, whereby after joining a monetary union countries better meet standard OCA criteria; second, it provides European policy-makers with yet another reason to pursue financial integration in the euro area (and in prospective members as well).
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  • HAL Id : hal-01022326, version 1
  • SCIENCESPO : 2441/9857

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Stefano Schiavo. Financial Integration, GDP Correlation and the Endogeneity of Optimum Currency Areas. Economica, Wiley, 2008, pp.168-189. ⟨hal-01022326⟩

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