Obiettivo This project investigates the degree of financial integration among the EU member countries and the effect of this integration on economic growth and macroeconomic stability of Europe. Standard economics textbook treatment of international capital mobility is very clear on three main functions of integrated and efficient capital markets: 1) asset-price arbitrage ensures that people in different countries face same prices for a given asset; 2) people in different countries can share risks to their consumption; 3) new saving regardless of its origin is allocated towards the most productive investment opportunities. Researchers use these conditions to judge whether or not financial markets are integrated leaving the measurement of the extent of integration aside. In addition given the caveat that any of these conditions can break in a world of uncertainty, pooling countries and regions that are at different stages of development will not be appropriate for the purpose of investigating both the degree and the effects of financial integration. Dr. Kalemli-Ozcan developed a methodology with her collaborators to measure the extent of financial integration among regions of federations such as U.S. and Japan, during her last 7 years of research in the U.S. In this project she will focus on Europe. In the light of the institutional and cultural differences between Northern and Southern Europe, knowing the extent of financial integration, reasons behind the differences, and the effects on growth and macroeconomic stability has utmost importance for policy. Both the academicians and the policy makers still do not know how much integration EU has achieved, whether European capital market integration is associated with smaller or larger fluctuations within member countries, and also with higher growth. This proposal is expected to have an impact on the development of the right macroeconomic and financial policies both for the EU member and the accession countries. Campo scientifico social scienceseconomics and businesseconomicsmacroeconomics Parole chiave Economics Financial Integration Social sciences Programma(i) FP7-PEOPLE - Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013) Argomento(i) PEOPLE-2007-4-3.IRG - Marie Curie Action: "International Reintegration Grants" Invito a presentare proposte FP7-PEOPLE-2007-4-3-IRG Vedi altri progetti per questo bando Meccanismo di finanziamento MC-IRG - International Re-integration Grants (IRG) Coordinatore BILKENT UNIVERSITESI VAKIF Contributo UE € 100 000,00 Indirizzo ESKISEHIR YOLU 8 KM 06800 Bilkent Ankara Turchia Mostra sulla mappa Regione Batı Anadolu Ankara Ankara Tipo di attività Higher or Secondary Education Establishments Contatto amministrativo Fatma Taskin (Prof.) Collegamenti Contatta l’organizzazione Opens in new window Sito web Opens in new window Costo totale Nessun dato
