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Europe and the Euro$
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Alberto Alesina and Francesco Giavazzi

Print publication date: 2010

Print ISBN-13: 9780226012834

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226012858.001.0001

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Why the European Securities Market Is Not Fully Integrated

Why the European Securities Market Is Not Fully Integrated

Chapter:
(p.255) 7 Why the European Securities Market Is Not Fully Integrated
Source:
Europe and the Euro
Author(s):

Alberto Giovannini

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226012858.003.0008

Economists have often used the concept of integration to measure international efficiency. Integration is estimated with similar methods both in goods markets and in financial markets. The method typically adopted is that of sizing deviations from the law of one price: researchers identify identical assets and determine whether they are traded at the same price in different countries. The study of deviations from the law of one price is a useful device to identify where distortions are, and is routinely carried out, also by official institutions. This chapter discusses whether similar or identical assets are traded in different markets or in the same market, and what defines a financial marketplace. An analysis of these arrangements is the most reliable way to obtain an accurate assessment of the extent to which there is integration in a geographic area like the EU or the euro area. It explains where the current status quo in European securities markets comes from and analyzes the political economy of the financial reform to provide an explanation of the slow pace of reform.

Keywords:   securities, economists, euro area, trade, political economy

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