NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Mehmet Ekinci

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Working Papers

September 2007Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust
with Sebnem Kalemli-Ozcan, Bent Sorensen: w13440
We investigate the degree of financial integration within and between European countries. We construct two measures of de-facto integration across European regions to capture "diversification" and "development" finance in the language of Obstfeld and Taylor (2004). We find evidence that capital market integration within the EU is less than what is implied by theoretical benchmarks and also less than what is found for U.S. states. We ask - why is this the case? Using country-level data for economic institutions, we find that these are not able to explain differences between countries. Using regional data from the World Values Surveys, we investigate the effect of "social capital" on financial integration among European regions. We find regions, where the level of confidence and trust is hig...

Published: Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust, Mehmet Fatih Ekinci, Şebnem Kalemli-Özcan, Bent E. Sørensen. in NBER International Seminar on Macroeconomics 2007, Clarida and Giavazzi. 2008

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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