Deep financial integration and volatility
By: Sebnem Kalemli-Ozcan, Bent Sørensen, Vadym Volosovych
Contributors: Sørensen, Bent; Volosovych, Vadym; National Bureau of Economic Research
Series: NBER working paper series -- working paper 15900; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15900.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We investigate the relationship between financial integration and output volatility at micro and macro levels.  Using a very large firm-level dataset from EU countries over time, we construct a measure of "deep" financial integration at the regional level based on foreign ownership at the firm level.  We find a positive effect of foreign ownership on volatility of firms' outcomes.  This effect survives aggregation and carries over to regional output.  Exploiting variation in the transposition dates of EU-wide legislation, we find that high trust regions in countries who harmonized capital markets sooner have higher levels of financial integration and volatility"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 4/13/2010.

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