Financial Integration in the European Union

This edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU’s economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with ‘old’ EU countries. The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book’s contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today.

1. Theory of Financial Integration and Achievements in the European Union Daniel Stavárek, Iveta Řepková and Katarína Gajdošová 2. Financial Integration at Times of Financial Instability Jan Babecký, Luboš Komárek and Zlatuše Komárková 3. Integration of Financial Markets in the European Union: Regulation and Supervision Framework Stanislav Polouček 4. National and Sectoral Integration of Chinese and Russian Stock Market with World Markets Jan Babecký, Luboš Komárek and Zlatuše Komárková 5. Integration of Credit Markets in the Visegrad Countries with the Euro Area Pavla Vodová 6. Testing for East-West Contagion in the European Banking Sector During the Financial Crisis Emidio Cocozza and Paolo Piselli 7. European Exchange Rates Volatility and its Asymmetrical Components During the Financial Crisis Daniel Stavárek 8. Interesting Findings About Risk Estimation and Backtesting at European FX Rate Market Gabriela Cielepová and Tomáš Tichý 9. Determinants of the Exchange Market Pressure in the Euro-Candidate Countries Daniel Stavárek 10. European Tax Harmonization and the Effects of Tax Changes on Economic Growth Irena Szarowská