Object

Title: Integracja europejska a zróżnicowanie rynków kapitałowych

Title in english:

European Integration and the Capital Markets Diversity

Creator:

Koralun-Bereźnicka, Julia

Description:

Prace Naukowe Akademii Ekonomicznej we Wrocławiu; 2008; nr 1200, s. 305-313

Abstrakt:

The progress of European economic integration is a process which undeniably also affects capital markets. As a result, a gradual growth of convergence level between European stock exchanges can be expected, which is the hypothesis of the research. The aim of the paper is to examine the effects of capital markets integration in Europe by measuring the differentiation level of selected stock exchanges within this area. It is verified with the use of a synthetic stock markets integration index. The diversity is evaluated on the basis of 48 monthly variables from the period of 2003-2006, taken from Federation of European Securities Exchange. The variables were categorized into three groups: capital market size, equity, and bonds market. The conclusion drawn from application of the aggregated index of stock markets integration is the convergence level increase between European capital markets in the analysis period, which supports the initial hypothesis. The most significant harmonization growth refers to equity markets. A less intensive diversity decrease can also be observed in case of bond markets. However, the analysis does not reveal integration growth in the area of stock markets size.

Publisher:

Wydawnictwo Akademii Ekonomicznej im. Oskara Langego we Wrocławiu

Place of publication:

Wrocław

Date:

2008

Resource Type:

artykuł

Resource Identifier:

oai:dbc.wroc.pl:142018

Language:

pol

Relation:

Prace Naukowe Akademii Ekonomicznej im. Oskara Langego we Wrocławiu; 2008; nr 1200 ; Zarządzanie finansami firm – teoria i praktyka

Rights:

Wszystkie prawa zastrzeżone (Copyright)

Access Rights:

Dla wszystkich w zakresie dozwolonego użytku

Location:

Uniwersytet Ekonomiczny we Wrocławiu

Coverage:

Projekt dofinansowany ze środków budżetu państwa, przyznanych przez Ministra Nauki w ramach Programu Społeczna odpowiedzialność nauki II. Tytuł projektu: Nauka dla Społeczeństwa: Prace Naukowe AEW w otwartym dostępie (2005-2008)

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