Jens Hölscher, Johannes Stephan: Money and credit market integration in an enlarging Eurozone: Methodological issues

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Money and credit market integration in an enlarging Eurozone: Methodological issues

17 pp.
3,52 EUR
(October 2006)

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From the introduction of the editors:

Jens Hölscher and Johannes Stephan discuss methodological issues of money and credit market integration within the context of an enlarging Euro area. Common methods of interest parity tests are rejected in favour of a comparison of nominal interest rates. Hölscher and Stephan find that from an institutional point of view the new EU member countries look under-banked, whereas interest rates are converging. As policy implication the paper argues for a Euro adoption of the new EU members rather sooner than later.

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