Bulletin n. 1/2009
July 2009
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Mark M. Spiegel
    Monetary and financial integration: Evidence from the EMU
    in Journal of the Japanese and International Economies , Volume 23, Issue 2 ,  2009 ,  114-130
    This paper examines the impact of European Monetary Union (EMU) accession on bilateral international commercial bank lending patterns. Using a difference-in-differences methodology, I demonstrate that accession to the EMU was accompanied by a change in Portuguese and Greek borrowing in favor of borrowing from their EMU partner nations. This extends the evidence in the literature that overall international borrowing is facilitated by the creation of a monetary union, and raises the possibility of financial diversion
    ©2001 - 2020 - Centro Studi sul Federalismo - P. IVA 94067130016