Kiel Working Papers, Kiel Institute for World Economics
No 1004:
Financial Market Integration in the US: Lessons for Europe?
Claudia M. Buch
Abstract: The introduction of the euro is expected to increase
capital mobility in Euroland. While, as in the US, a common monetary policy
is now performed, institutional structures are inherently more
heterogenous. This paper argues that experience of the US with financial
market integration can potentially serve as a benchmark for the integration
effects. The paper finds that, despite the restrictions to the regional
expansion of banks that have prevailed, the degree of financial integration
within the US tends to exceed that within Europe. Implications of barriers
to the free mobility of capital for monetary policy and banking supervision
are discussed.
36 pages, September 2000
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