FINANCIAL INTEGRATION INTO EU: THE ROMANIAN CASE

被引：0

作者：

Bozkurt, Ibrahim ^{[1
]}

Akman, Engin ^{[1
]}

机构：

[1] Cankiri Karatekin Univ, Cankiri, Turkey

来源：

AMFITEATRU ECONOMIC | 2016年 / 18卷 / 42期

关键词：

financial integration; European Union; Romania; gravity model; stock markets; EUROPEAN-UNION; HETEROSKEDASTICITY; HETEROSCEDASTICITY; GRAVITY;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The aim of this study is to investigate the determinants of integration between stock market of Romania and other stock markets of European Union (EU) countries. Correlations between the stock returns represent the level of integration between the stock markets. Empirical analysis are performed with daily stock returns of 24 EU members including Romania for 2002-2012 period using panel data gravity models and correlations are investigated. Findings reveal that the following factors have significant and robust effects on the financial integration process of Romania with other 23 EU members; (i) EU membership, (ii) bilateral trade, (iii) GDP per capita, (iv) 2012 sovereign debt crisis and (v) East European location. The results emphasize that intensifying economic relations with EU members can contribute the integration of Romanian stock market with other EU members.

引用

页码：269 / 285

页数：17

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