Maudos, Joaquin and Pérez, Francisco (2004): Convergencia, integración y competencia en los mercados financieros europeos. Published in: Papeles de Economía Española No. 101 (2004): pp. 114-136.
Download (462Kb) | Preview
The aim of this paper is to analyze the process of integration and competition in European financial markets. We explore the obstacles or barriers which hinder this process, as well as the main drivers and initiatives which have been implemented to move financial integration forward. According to most of the evidence on this subject, the process of financial integration has indeed advanced, but the process is slow and far from having been achieved in many areas of financial activity, in particular, retail markets. Regarding competition, the evidence is not so conclusive. The fact is that although absolute margins have been narrowed, relative margins – as an indicator of market power - have increased. The different kinds of barriers (fiscal, regulatory, institutional, etc) which protect national markets from foreign competition are the main obstacles to this process of integration and competition.
|Item Type:||MPRA Paper|
|Original Title:||Convergencia, integración y competencia en los mercados financieros europeos|
|English Title:||Convergence, integration and competition in the European financial markets|
|Keywords:||Convergence, integration, competition, financial markets|
|Subjects:||G - Financial Economics > G1 - General Financial Markets > G15 - International Financial Markets
F - International Economics > F3 - International Finance > F36 - Financial Aspects of Economic Integration
G - Financial Economics > G2 - Financial Institutions and Services > G20 - General
|Depositing User:||Joaquin Maudos|
|Date Deposited:||30. Jun 2009 13:32|
|Last Modified:||14. Feb 2013 23:56|
Banco Central Europeo (2002), Report on financial structures.
Beckmann, Rainer, Eppendorfer, C. y Neimke, M. (2002), “Financial integration within the European Union: Towards a single market for insurance”, Diskussionsbeiträge, Insitutu für Europäische Wirtschaft, IEW.
Cabral, I., Dierick, F. y Vesala, J. (2002), “Banking integration in the Euro area”, Occasional Paper Series No. 6, December, European Central Bank.
Comisión Europea (1999), Financial Services: Implementing the Framework for Financial Markets: Action Plan,
Communication of the Commission, COM(1999)232, 11.05.99. Comisión Europea (2001a), “Cross border clearing and settlement arrangements in the European Union”, Giovanni, A. report, Brussels.
Comisión Europea (2001b), Final Report of the Committee of Wise Men on the Regulation of the European Securities Markets, Brussels, 15th February.
Comisión Europea (2002a), Study to Analyse, Compare, and Apply Alternative Indicators and Monitoring Methodologies to Measure the Evolution of Capital Market Integration in the European Union, report for the European Commission, CSEF (Adam, K., Jappelli, T., Menichini, A., Padula, M. and Pagano, M.).
Comisión Europea (2002b), Study on the Quantification of the macro-economic impact of integration of EU financial markets, report for the European Commission, London Economics, November , 2002.
Heinemann, F. y Jopp, M. (2002), The benefits of working European retail market for financial services: report to the European Financial Services Round Table (ZEW&IEP).
IVIE (2003), The monitoring of structural changes and trends in the internal market for financial services, Report for the European Commission, January.
Lamfalussy, A. (2001), Final report on the regulation of European securities markets, Committee of “Wise Men”, January, Brussels.
Maudos, J. y Pérez, F. (2003), “Competencia vs. poder de mercado en la banca española”, Moneda y Crédito, nº 207, págs. 139-166.
Maudos, J. y Fernández de Guevara (2003), “Factors explaining the interest margins of the banking systems of the European Union”, Journal of Banking and Finance, en prensa.
Oroz, M. y Salas, V. (2003), “Competencia, beneficios y eficiencia de la intermediación bancaria es España: 1977-99, Moneda y Crédito, en prensa.