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المؤلفون: Fabrizio Coricelli, Igor Masten, Arjana Brezigar Masten

المساهمون: Institute of Macroeconomic Analysis and Development, IMAD, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Center for Economic Policy Research (CEPR), CEPR, Paris School of Economics (PSE), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE), University of Ljubljana

المصدر: Journal of International Money and Finance
Journal of International Money and Finance, Elsevier, 2008, 27 (2), pp.295-313. ⟨10.1016/j.jimonfin.2007.12.009⟩

مصطلحات موضوعية: Economics and Econometrics, Financial development, JEL: F - International Economics/F.F3 - International Finance/F.F3.F36 - Financial Aspects of Economic Integration, Financial intermediary, Geography of finance, Financial ratio, Financial system, Monetary integration, 0502 economics and business, Financial analysis, Economics, Financial integration, 050207 economics, Macro, International finance, Economic growth, Euro adoption, Financial integration, Financial development, Threshold effects, Economic growth, 050208 finance, Threshold effects, 05 social sciences, Financial market, 1. No poverty, Euro adoption, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Financial regulation, Indirect finance, JEL: F - International Economics/F.F3 - International Finance/F.F3.F33 - International Monetary Arrangements and Institutions, 8. Economic growth, JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G15 - International Financial Markets, Absorption capacity, European monetary union, Finance

الوصف: International audience; Using both macro- and industry-level data this paper analyses the non-linear effects of financial development and international financial integration on economic growth in Europe. Special attention is devoted to modeling threshold effects with respect to the depth of financial markets as a measure of economies' absorption capacity. Results reveal evidence of significant non-linear effects, with less developed European countries gaining more from financial development. In contrast, benefits of international financial integration become significant at higher levels of financial development. The data show that monetary integration in Europe significantly contributed to a higher degree of financial integration. Entry of new EU members to the European Monetary Union may thus be the mechanism ensuring a virtuous development circle, as the adoption of the Euro may allow the development of domestic financial markets and financial integration to go hand-in-hand.

URL الوصول: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::e54fa35077c8266403d399af01edbfdc
https://doi.org/10.1016/j.jimonfin.2007.12.009

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