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Financial Integration and EMU

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  • Franklin Allen
  • Wei‐Ling Song

Abstract

This paper investigates the effect of European Monetary Union on the integration of the financial services industry within European using data on the announcements of M&A's within the industry. We find some evidence that EMU has helped financial integration within the euro area. In addition, financial institutions in EMU countries became more active in initiating integration between EMU and non‐EMU partners, which also contributed to overall regional integration within European. The more active role of EMU institutions suggests that institutions residing in the eurozone became stronger players in the corporate control market. However, EMU does not facilitate the entry of non‐European institutions into European.

Suggested Citation

  • Franklin Allen & Wei‐Ling Song, 2005. "Financial Integration and EMU," European Financial Management, European Financial Management Association, vol. 11(1), pages 7-24, January.
    • Handle: RePEc:bla:eufman:v:11:y:2005:i:1:p:7-24
    DOI: 10.1111/j.1354-7798.2005.00273.x
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    References listed on IDEAS

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    1. Simon Evenett, 2004. "The Cross-Border Mergers and Acquisitions Wave of the Late 1990s," NBER Chapters, in: Challenges to Globalization: Analyzing the Economics, pages 411-467, National Bureau of Economic Research, Inc.
    2. Eichengreen, Barry & Park, Yung Chul, 2003. "Why Has There Been Less Financial Integration In Asia Than In Europe?," Department of Economics, Working Paper Series qt6823v94w, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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