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  1. Disentangling euro area portfolios
    new evidence on cross-border securities holdings
    Author: Rousová, Linda; Rodríguez Caloca, Antonio
    Published: [2018]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper presents a detailed set of new, quantity-based indicators of financial integration in the euro area. The indicators are based on granular data from securities holdings statistics and help us disentangle the main drivers of the portfolio... more

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    This paper presents a detailed set of new, quantity-based indicators of financial integration in the euro area. The indicators are based on granular data from securities holdings statistics and help us disentangle the main drivers of the portfolio changes observed since the financial crisis. Three key developments since the crisis stand out. First, we find that financial integration in equity is less than that in the debt market, although the equity market was the main contributor to the partial recovery in financial integration observed since mid-2012. Second, we observe a gradual shift in cross-border investment activity from the banking sector towards other non-bank financial entities. In particular, our results show that euro area banks significantly decreased their investment in debt securities issued by banks in other euro area countries and that this decrease explains around 55% of the decline in financial integration in the debt market observed since the crisis. Finally, we find that the sharp decrease in financial integration between 2009 and 2012 was mainly driven by foreign investor flight from government debt securities, a trend that has since reversed.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289933575
    Other identifier:
    hdl: 10419/194011
    Series: Statistics paper series / European Central Bank ; no 28 (May 2018)
    Subjects: euro area; financial policy; financial control; Institute for Latin American Integration; foreign investment; debt; international finance; financial market; data protection; securities holdings statistics; security-by-security data; micro-data; financial integration; quantity-based indicators; securities; international financial markets
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. Disentangling euro area portfolios
    new evidence on cross-border securities holdings
    Author: Rousová, Linda; Rodríguez Caloca, Antonio
    Published: [2018]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper presents a detailed set of new, quantity-based indicators of financial integration in the euro area. The indicators are based on granular data from securities holdings statistics and help us disentangle the main drivers of the portfolio... more

    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 536 (28)
    Inter-library loan:
    No inter-library loan

     

    This paper presents a detailed set of new, quantity-based indicators of financial integration in the euro area. The indicators are based on granular data from securities holdings statistics and help us disentangle the main drivers of the portfolio changes observed since the financial crisis. Three key developments since the crisis stand out. First, we find that financial integration in equity is less than that in the debt market, although the equity market was the main contributor to the partial recovery in financial integration observed since mid-2012. Second, we observe a gradual shift in cross-border investment activity from the banking sector towards other non-bank financial entities. In particular, our results show that euro area banks significantly decreased their investment in debt securities issued by banks in other euro area countries and that this decrease explains around 55% of the decline in financial integration in the debt market observed since the crisis. Finally, we find that the sharp decrease in financial integration between 2009 and 2012 was mainly driven by foreign investor flight from government debt securities, a trend that has since reversed.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289933575
    Other identifier:
    hdl: 10419/194011
    Series: Statistics paper series / European Central Bank ; no 28 (May 2018)
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen