NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

What Lies Beneath the Euro's Effect on Financial Integration: Currency Risk, Legal Harmonization, or Trade?

Sebnem Kalemli-Ozcan, Elias Papaioannou, José-Luis Peydró

NBER Working Paper No. 15034
Issued in June 2009

---- Acknowledgements -----

Essential parts of this paper were prepared while Sebnem Kalemli-Ozcan was visiting the European Central Bank as 2008 Duisenberg Fellow. She thanks the economists at the Bank for providing a stimulating research environment. We thank Dimitrios Rakitzis for excellent research assistance. Fabio Fiorello from the European Commission and Ana Monteiro from the Legal Department of the ECB helped us gathering and understanding the data related to the implementation of European financial laws. We also thank Simone Manganelli, Philipp Hartmann, Phil Lane, Marco Pagano, Mark Spiegel, Axel Weber, Charles Engel, conference participants at the 5th ECB Central Banking Conference on the Euro at Ten, and two anonymous referees for helpful comments and suggestions. The views expressed in this paper are those of the authors and do not reflect the views of the European Central Bank, the Eurosystem, or the National Bureau of Economic Research.

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