derivatives markets. In a parsimonious model, we show that clearing benefits are distributed unevenly across market participants …

This study assesses the degree of financial integration for a selected number of new EU member states between … themselves and with the euro zone. Within the framework of a factor model for market returns, we measure integration as the … amount of variance explained by the common factor relative to the local components. We show that this measure of integration …

data covering euro-area derivatives and securities holdings. Consistent with a dynamic model of currency risk hedging, we …

This paper discusses a wide range of indicators of the degree of integration of the euro area banking system. It is …