This paper highlights recent trends in the Kosovo labor market and emigration. Like other Western Balkan countries, Kosovo experienced a sharp decline in population over the previous decade, as emigration increased. Using a structural model of the labor market and migration, the paper examines...

Per capita growth of the Mexican economy has lagged behind G20 peers in past decades with notable disparities between the north and south. In this paper, we build on the income convergence literature by examining the impact of domestic market integration on regional growth. To this end, we...

The European Union requires a single market for capital. Well-developed and integrated capital markets support economic growth and resilience across the region, offering benefits for businesses, households, and financial stability. This paper examines the importance of CMU in achieving five...

This research examines spatial integration in Mexican regional-food markets, with an emphasis on the degree of processing. The analysis employs a pairwise approach to evaluate the convergence of price differentials for each item across city pairs. Additionally, it examines the influence of...

The economic situation of farms is determined by a number of factors, which have been widely described in the literature. One factor is market integration, which shapes the farmer's position in the food supply chain. The involvement of farmers in the integration may be related to their social...

This paper applies the Seo and Shin (2016) method for estimating dynamic panels with endogenous threshold effects to obtain new, robust evidence on nonlinearities in the relationship between international financial integration (IFI) and economic growth. This approach is based on a...

How does electricity market integration affect cross-border electricity flows, wholesale prices and renewable electricity generation? We employ a synthetic control method to contribute to literature on electricity market integration using the 2018 integration of Ireland's Single Electricity...

With the capital markets union (CMU), the European Union embarked on one of its yet most ambitious and potentially most relevant reform projects. However, the huge potential for the European economy by a genuine CMU has not yet been realized. The key reason for this is that an important...

This study investigates the integration of the Indonesian stock market with eight major trading partner countries, namely, China, Japan, the United States, Malaysia, India, Singapore, the Philippines, and South Korea. The analysis of the stock-market integration investigation includes the...

The idea of a Banking Union emerged in the aftermath of the global financial crisis. Ten years on, two of its three pillars, the Single Supervisory Mechanism and the Single Resolution Mechanism, have proven to be a success with regard to financial integration and stability. In this Policy Brief,...

We assess Euro Area financial integration correcting for the role of "onshore offshore financial centers" (OOFCs) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund intermediation and centers of securities issuance by...

From the perspective of domestic market integration, this paper systematically examines the impact of transportation infrastructure conditions on excess sensitivity of household consumption based on the China Family Panel Survey (CFPS) and multi-level matching panel data of transportation...

We address the role of the Banking Union (BU) in promoting market integration and the lessons it provides for the Capital Markets Union (CMU). First, we tackle BU's establishment, exploring whether it has achieved its original goals and discussing its main shortcomings. Second, we address market...

We address the role of the Banking Union (BU) in promoting market integration and the lessons it provides for the Capital Markets Union (CMU). First, we tackle BU's establishment, exploring whether it has achieved its original goals and discussing its main shortcomings. Second, we address market...

Against the backdrop of the Russia-Ukraine (R-U) conflict, this paper investigates the convergence process of the bond market in East Asia from 2010 to 2024, focusing on the impact of the R-U crisis on bond yield convergence. Our findings show convergence toward both benchmarks, with an...

Financial globalization has led to a large increase in international asset holdings. While the rise of associated dividend and interest flows has until now been muted by the decreasing trend in interest rates, this pattern could change, leading to a larger role of investment income flows in the...

This paper investigates the informational efficiency of global crude oil markets using a recently introduced quantitative measure for market inefficiency. The methodology assesses the deviation of observed oil price behavior from the Random Walk benchmark, representing an efficient market. The...

Almost ten years after the European Commission action plan on building a capital markets union (CMU) and despite incremental progress, e.g. in the form of the EU Listing Act, the picture looks dire. Stock exchanges, securities markets, and supervisory authorities remain largely national, and, in...

This study uses complex network analysis to investigate global stock market comovement during the black swan event of the Coronavirus Disease 2019 (COVID-19) pandemic. We propose a novel method for calculating stock price index correlations based on open-high-low-close (OHLC) data. More intraday...

Using developing countries in Europe for context, this study examines the complex relationship between financial crises and financial integration. We use panel data comprising 37 countries in Europe, including Iceland, Belarus, Ukraine, Turkey, and Russia from 2000-2019 and the general method of...

We present the largest homogenous dataset of grain prices for four major types of grain for pre-industrial Germany covering 70 cities with a total of 259 time series. This article describes the sources and the methodology followed to create calendar-year-based price series in grams of silver per...

The paper estimates the degree of integration of plantain prices in three selected markets to assess the efficiency of the plantain marketing system in mid Ghana. The selected markets are Techiman in Bono East Region, Kenyasi and Duayaw Nkwanta markets both in Ahafo Region of Ghana. The spatial...

With the capital markets union (CMU), the European Union embarked on one of its yet most ambitious and potentially most relevant reform projects. However, the huge potential for the European economy by a genuine CMU has not yet been realized. The key reason for this is that an important...

Financial globalization has led to a large increase in international asset holdings. While the rise of associated dividend and interest flows has until now been muted by the decreasing trend in interest rates, this pattern could change, leading to a larger role of investment income flows in the...

Ongoing global trends like climate change require firms to invest in projects that support their transformation. In order to unlock the huge sums of private capital necessary for these investments, the engagement of institutional investors appears to be crucial. In a project funded by ZEW's...

Using newly collected discount rate data for six Swiss cities, we find no evidence of increasing integration during a 30-year period of lightly regulated free banking. We attribute this to two structural issues: banks had incentives to protect their local monopolies, and the inherent instability...

Over the past decade, the Single Supervisory Mechanism focused on making banks safer, resulting in stronger banks but limited euro area cross-border integration. We argue that overbanking hinders both cross-border integration for the EU and the development and integration of capital markets. In...

The energy market integration in the Middle East is assessed by comparing the acting institutions in the Levant and Persian Gulf sub-regions. Pami Aalto's regional institution's theoretical framework and the case-oriented comparative research method are adopted for this purpose. Changes in the...

Using newly collected discount rate data for six Swiss cities, we find no evidence of increasing integration during a 30-year period of lightly regulated free banking. We attribute this to two structural issues: banks had incentives to protect their local monopolies, and the inherent instability...

The Chinese Government has promulgated the "Belt and Road Initiative" (BRI) to increase trade flows and integrate goods markets between China and BRI countries. The validity of purchasing power parity (PPP) implies well-integrated goods markets, a precondition for further economic convergence,...