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Autor
Vukovic Darko B. (Perm National Research Polytechnic University, Russian Federation; Serbian Academy of Sciences and Arts, Serbia), Hanic Edin (Belgrade Banking Academy, Serbia), Hanic Hasan (Belgrade Banking Academy, Serbia)
Tytuł
Financial Integration in the European Union - the Impact of the Crisis on the Bond Market
Źródło
Equilibrium, 2017, vol. 12, nr 2, s. 195-210, aneks, bibliogr. 18 poz.
Słowa kluczowe
Integracja finansowa, Unie monetarne, Kryzys finansowy
Financial integration, Monetary unions, Financial crisis
Uwagi
Klasyfikacja JEL: E40, E50, G01, G11
summ., This paper is the result of the topic # 26.6884.2017/БЧ "Sustainable development of urban areas and the improvement of the human environment" funded by Ministry of Education and Science of the Russian Federation to Perm National Research Polytechnic University and the project No. 47007 funded by the Ministry for Education, Science, and Technological Development of Republic of Serbia.
Abstrakt
Research background: In our paper we have analyzed the influence of the crisis on the financial integration in the European Monetary Union. We have analyzed EMU capital market to show the impact of the crisis, with the focus on the bonds market. The determinants of the research are yields and standard deviations on medium-term and long-term triple-A bond markets, as well as CDS medium-term premiums.
Purpose of the article: The aim of this paper is to show the volatility of researched determinants in periods of crisis in EMU zones.
Methods: As a model we used a modified theoretical CAL portfolio model. In the last fifteen years Europe has been faced with two major crises: the world economic crisis and sovereign debt crisis.
Findings & Value added: We believe that the sovereign crisis hit EMU more, leaving the deeper implications on the financial integration. Our analysis has showed that the crisis had a major impact on the financial integration. Yields and standard deviations increased multiply in periods of crisis and left the impact of volatility on the capital market. However, the degree of convergence of euro area bond markets largely stabilized in last two years. (original abstract)
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Bibliografia
Pokaż
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ISSN
1689-765X
Język
eng
URI / DOI
http://dx.doi.org/10.24136/eq.v12i2.10
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