Financial Harmonization and Financial Development: An Application of Europe’s Financial Services Action Plan
Year: 2016
Author: Ozkok, Zeynep
Applied Economics Quarterly, Vol. 62 (2016), Iss. 1 : pp. 1–35
Abstract
The Financial Services Action Plan (FSAP) of the European Commission intends to create an open, secure, integrated financial market across EU countries. Using principal component analysis to construct financial development indices, we investigate the impact of financial harmonization policies of the FSAP on financial development in a panel of 25 EU countries for 1996–2007. Taking into account the timing perspective in implementing the FSAP directives across countries we find a positive link between financial harmonization and financial development. The results are robust to different approaches in constructing the harmonization index and the addition of further controls.
JEL Classification: F36, F63, G2; K4, O11, O19
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Journal Article Details
Publisher Name: Global Science Press
Language: English
DOI: https://doi.org/10.3790/aeq.62.1.1
Applied Economics Quarterly, Vol. 62 (2016), Iss. 1 : pp. 1–35
Published online: 2016-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 35
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