The Integration of European Labour Markets

Nowotny, Ewald; Mooslechner, Peter; Ritzberger-Grünwald, Doris

doi:10.4337/9781849802277

Cited by 10 publications

(7 citation statements)

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“…However, it plays no role in our study. Sørensen, and Yosha (2001), Nowotny, Mooslechner, and Ritzberger-Grunwald (2009)). Others have looked at indicators of the openness of economies, such as the ratio of imports or exports to national outputs (e.g., BHLS (2011)).…”

Section: B R 2 Measures For Global Economic and Financial Integrationmentioning

confidence: 99%

Emerging Markets Are Catching Up: Economic or Financial Integration?

Akbari¹,

Ng²,

Solnik³

2020

J. Financ. Quant. Anal.

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We propose a simple metric to measure two aspects of market integration, namely, economic integration (defined as a common cash-flow dynamic) and financial integration (defined as a common risk-pricing dynamic) and then examine their evolution through time while controlling for volatility. We find that developed (DEV) countries exhibit greater degrees of financial and economic integration than emerging (EMG) markets. Although the financial integration gap between these markets remains large throughout the sample period, the EMG economies are catching up with their DEV counterparts in recent years; their level of economic integration has reached that of DEV countries.

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Section: B R 2 Measures For Global Economic and Financial Integrationmentioning

confidence: 99%

Emerging Markets Are Catching Up: Economic or Financial Integration?

Akbari¹,

Ng²,

Solnik³

2020

J. Financ. Quant. Anal.

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“…As is widely recognized, measuring economic integration is a challenging task, and there is no consensus on a metric of economic integration (see König and Ohr, 2013). Prior research has attempted to measure economic integration by examining trade barriers, labor and capital mobility, openness of economies, or the extent to which the law of one price holds (e.g., Kalemli‐Ozcan et al , 2001; Nowotny et al , 2009). Akbari et al (2019) are the first to propose explicit measures of financial and economic integration within a unified theoretical framework, as shown in equation (19).…”

Section: Measuring International Market Integrationmentioning

confidence: 99%

International Market Integration: A Survey

Akbari

2020

Asia-Pac J of Fin Stud

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Market integration is a canonical topic in international finance. The question of whether and to what extent markets are integrated with the global economy has motivated one of the largest literatures in this field. Given this vast body of research, this survey shall only focus on the theoretical and empirical studies on one aspect of market integrationequity market integration. It reviews the evolution of various approaches employed in studying market integration. This survey discusses the recent empirical findings on cross-sectional and time-series dynamics of integration across developed and emerging markets. It also describes the empirical estimation of three current measures of market integration and discusses their usefulness as well as limitations. Finally, the survey provides a few future directions for this line of research.

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“…Baele et al 2004), labor market integration (e.g. Nowotny et al 2009) or institutional integration (e.g. Mongelli et al 2007).…”

Section: Introductionmentioning

confidence: 99%

Homogeneous Groups within a Heterogeneous Community - Evidence from an Index Measuring European Economic Integration

König

Ohr

2012

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractIn the light of the current economic debt crisis within the Euro zone, the heterogeneity of EU members has becoming increasingly apparent. This heterogeneity is evident not only in some single macroeconomic variables but also in the level of economic integration with the other EU members. Despite the common use of the term "European integration", neither a uniform definition nor a holistic economic approach to this concept exists. Thus, the different steps and processes of European integration are hard to quantify, thereby making it almost impossible to argue objectively whether an individual EU member state has fallen behind the general speed of European integration or whether the distance to a potential core group is undesirably large. In order to fill this gap, we have developed a composite indicator -the EU-Index -measuring the extent of European economic integration of the EU member states. The EU-Index exhibits large heterogeneities between the member states with respect to overall European economic integration and with respect to various sub-indices. By using cluster analysis, however, we find relatively homogeneous country groups within this heterogeneous community. The prevailing economic heterogeneities combined with the strong and even growing clustering of EU members may create fundamental difficulties for further integration of the European Union, and may even put existing integration steps (such as the creation of the European Monetary Union) into question. The EU-Index thus offers a unique statistically solid base for political discussions and empirical investigations, since now the degree of European economic integration is numerically tangible and can be determined individually for each country.

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The Integration of European Labour Markets

Abstract: This book will be an invaluable source of information for economists and other economic policy and European integration experts from central, commercial and investment banks, governments, international organizations, universities and research institutes alike.

Cited by 10 publications

References 0 publications

Emerging Markets Are Catching Up: Economic or Financial Integration?

Emerging Markets Are Catching Up: Economic or Financial Integration?

International Market Integration: A Survey

Homogeneous Groups within a Heterogeneous Community - Evidence from an Index Measuring European Economic Integration

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