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Conference Paper
Banking regulation in the European Union: some issues and concerns
Working Paper
Monetary and financial integration in the EMU: Push or pull?
A number of studies have recently noted that monetary integration in the European Monetary Union (EMU) has been accompanied by increased financial integration. This paper examines the channels through which monetary union increased financial integration, using international panel data on bilateral international commercial bank claims from 1998-2006. I decompose the relative increase in bilateral commercial bank claims among union members following monetary integration into three possible channels: A "borrower effect," as a country's EMU membership may leave its borrowers more creditworthy ...
Conference Paper
Investment banking in Europe after 1992
Conference Paper
The financial competitiveness implications
Journal Article
Implementing the single banking market in Europe
Financial integration of the European Community requires actions by both the EC and its member states to create a common EC-wide competitive and regulatory environment. This paper focuses on the EC's creation of the single market for retail banking services. It tracks the EC legislative process and the adoption of EC directives designed to create the single market. The study also examines some of the costs and benefits associated with the single banking market. This paper evaluates the EC's success in creating the single market by examining the rate of implementation by the member states ...
Working Paper
Systemic risk analysis using forward-looking distance-to-default series
Based on contingent claims theory, this paper develops a method to monitor systemic risk in the European banking system. Aggregated Distance-to-Default series are generated using option prices information from systemically important banks and the DJ STOXX Banks Index. These indicators provide methodological advantages in monitoring vulnerabilities in the banking system over time: 1) they capture interdependences and joint risk of distress in systemically important banks; 2) their forward-looking feature endow them with early signaling properties compared to traditional approaches in the ...
Working Paper
To what extent will the banking industry be globalized? a study of bank nationality and reach in 20 European nations
We model two dimensions of bank globalization -- bank nationality (a bank from the firm's host nation, its home nation, or a third nation) and bank reach (a global, regional, or local bank) using a two-stage nested multinomial logit model. Our data set includes over 2,000 foreign affiliates of multinational corporations operating in 20 European nations. We find that these firms frequently use host nation banks for cash management services, and that bank reach may be strongly influenced by this choice of bank nationality. Our results suggest limits to the degree of future bank globalization.
Journal Article
Integrating banking markets in the EC