This paper assesses changes in synchronization of real activity and financial market integration in Western Europe and evaluates their implications for financial stability. We find increased synchronization of real activity since the early 1980s and increased equity markets integration since the...

Using data for a large number of advanced and emerging market economies during 1982-2009, this paper examines the distinct impact of financial integration and globalization on several dimensions of real activity. We find that: (a) financial integration has progressed significantly worldwide,...

This paper documents the evolution of measures of financial integration for major advanced and emerging markets economies, assesses whether advances in integration have had a significant positive impact on countries' risk-adjusted growth opportunities, and identifies some of the channels through...

Intro -- Economic Integration and Financial Stability: A European Perspective -- Contents -- I. INTRODUCTION -- II. SYNCHRONIZATION OF REAL ACTIVITY -- III. EQUITY MARKETS INTEGRATION -- IV. SYSTEMIC RISK AND INTEGRATION -- V. CONCLUSION -- Table 1. EGARCH Estimates for the Common Components of...

This paper documents the evolution of measures of financial integration for major advanced and emerging markets economies, assesses whether advances in integration have had a significant positive impact on countries'' risk-adjusted growth opportunities, and identifies some of the channels...