Financial integration in the European Union. Measurement and determination

J.J.G. Lemmen

Research output: ThesisDoctoral Thesis

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Abstract

The first part of this study addresses the measurement of financial integration in the European Union (EU). First, we present empirical evidence on the degree of financial integration as measured with interest parity conditions. Second, the study applies an error-correction model of saving-investment correlations to assess the degree of financial integration. Third, we examine the relationship between returns on financial assets and consumption growth rates across countries to test for the degree of financial integration. The second part of the study considers the determinants of financial integration and the incidence of nonresident interest withholding taxation. Particularly, we discuss relevant measures of the intensity of capital controls and go into the underlying determinants of the intensity of capital controls in the EU. Finally, we are concerned with the incidence of nonresident interest withholding taxes in the international 3-month Treasury bill market and the international 5-year government debt market.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Eijffinger, Sylvester, Promotor
Award date9 Dec 1996
Place of PublicationTilburg
Publisher
Print ISBNs9056680218
Publication statusPublished - 1996

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European Union
Financial integration
Capital controls
Error correction model
Interest parity
Saving-investment correlation
Empirical evidence
Taxation
Consumption growth
Withholding tax
Financial assets
Government debt

Cite this

Lemmen, J. J. G. (1996). Financial integration in the European Union. Measurement and determination. Tilburg: CentER, Center for Economic Research.
Lemmen, J.J.G.. / Financial integration in the European Union. Measurement and determination. Tilburg : CentER, Center for Economic Research, 1996. 208 p.
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Lemmen, JJG 1996, 'Financial integration in the European Union. Measurement and determination', Doctor of Philosophy, Tilburg University, Tilburg.

Financial integration in the European Union. Measurement and determination. / Lemmen, J.J.G.

Tilburg : CentER, Center for Economic Research, 1996. 208 p.

Research output: ThesisDoctoral Thesis

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T1 - Financial integration in the European Union. Measurement and determination

AU - Lemmen, J.J.G.

PY - 1996

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N2 - The first part of this study addresses the measurement of financial integration in the European Union (EU). First, we present empirical evidence on the degree of financial integration as measured with interest parity conditions. Second, the study applies an error-correction model of saving-investment correlations to assess the degree of financial integration. Third, we examine the relationship between returns on financial assets and consumption growth rates across countries to test for the degree of financial integration. The second part of the study considers the determinants of financial integration and the incidence of nonresident interest withholding taxation. Particularly, we discuss relevant measures of the intensity of capital controls and go into the underlying determinants of the intensity of capital controls in the EU. Finally, we are concerned with the incidence of nonresident interest withholding taxes in the international 3-month Treasury bill market and the international 5-year government debt market.

AB - The first part of this study addresses the measurement of financial integration in the European Union (EU). First, we present empirical evidence on the degree of financial integration as measured with interest parity conditions. Second, the study applies an error-correction model of saving-investment correlations to assess the degree of financial integration. Third, we examine the relationship between returns on financial assets and consumption growth rates across countries to test for the degree of financial integration. The second part of the study considers the determinants of financial integration and the incidence of nonresident interest withholding taxation. Particularly, we discuss relevant measures of the intensity of capital controls and go into the underlying determinants of the intensity of capital controls in the EU. Finally, we are concerned with the incidence of nonresident interest withholding taxes in the international 3-month Treasury bill market and the international 5-year government debt market.

M3 - Doctoral Thesis

SN - 9056680218

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

ER -

Lemmen JJG. Financial integration in the European Union. Measurement and determination. Tilburg: CentER, Center for Economic Research, 1996. 208 p. (CentER Dissertation Series).