Handbook of Financial Integration
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Handbook of Financial Integration: (Research Handbooks in Money and Finance series)

Handbook of Financial Integration: (Research Handbooks in Money and Finance series)


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About the Book

This comprehensive Handbook deftly examines key aspects of financial integration, providing an overview of contemporary research and new perspectives. Employing state-of-the-art econometric methods to obtain new empirical evidence, it will be critical for designing optimal policies, and appropriate investment and risk management strategies. Guglielmo Maria Caporale brings together a wide range of contributors with different approaches to measuring and dissecting financial integration to form an extensive analysis on the topic. Organised into six thematic sections, the Handbook first details new measures of financial integration, linkages across markets, and the role of the foreign exchange market and institutions. It goes on to address financial integration in the banking sector, European financial integration, and diverse policy issues that arise in this context, giving a comprehensive insight into an ever-expanding sector. With new perspectives and evidence on various dimensions of financial integration, this Handbook will be an indispensable resource for academics working in the field of international finance. Its investigation of policy and investment implications of the findings will also provide valuable insights for policy-makers and market participants.

Table of Contents:
Contents: PART I INTRODUCTION 1 Introduction to the Handbook of Financial Integration: new research developments 2 Guglielmo Maria Caporale PART II MEASURING FINANCIAL INTEGRATION 2 Measuring financial integration: more data, more countries, more expectations 11 Menzie D. Chinn and Hiro Ito 3 Investor attention to news on financial integration and currency returns 57 Ilias Filippou, My T. Nguyen and Mark P. Taylor 4 Contingent linear financial networks 74 Bomin Jiang, Roberto Rigobon and Munther A. Dahleh PART III FINANCIAL INTEGRATION OF STOCKS, BONDS AND OTHER ASSETS 5 Shocks and global asset market connectedness 108 Marcello Pericoli and Kamil Yilmaz 6 Global financial stress and financial transmission channels 134 Sandra Eickmeier, Norbert Metiu, Josefine Quast and Sabine Tanneberger 7 The evolving landscape of energy finance: challenges and opportunities during global uncertainty 172 John W. Goodell and Shaen Corbet 8 US municipal green bonds and financial integration 192 Guglielmo Maria Caporale and Nicola Spagnolo 9 Investing through Fed regime changes in the post-crisis period 206 Haroldo Daltin and Michael Melvin 10 The impact of trading fragmentation in securities markets 224 Giovanni Cespa PART IV FINANCIAL INTEGRATION AND THE FOREIGN EXCHANGE MARKET 11 Changes in economic and financial structure and the international integration of capital markets over the past century and a half 240 James R. Lothian 12 Financial integration, institutional quality, and real exchange rates: evidence from emerging markets 255 Zunaira Aman, Sushanta Mallick and Ilayda Nemlioglu 13 Measuring currency dominance 292 Joscha Beckmann 14 Financial integration and exchange market pressure 312 Kate Phylaktis and Muhammad Aftab 15 Firms, currency hedging, and financial derivatives 340 Laura Alfaro, Mauricio Calani and Liliana Varela PART V FINANCIAL INTEGRATION AND THE BANKING SECTOR 16 The financial integration of banks: a survey 372 Destan Kirimhan and James E. Payne 17 Transatlantic differences in bank resilience 388 Thomas Gehrig, Maria Chiara Iannino and Stephan Unger 18 Proactive risk-taking and loan performance: evidence from bank holding companies 417 Iftekhar Hasan, Mingsheng Li, Liuling Liu and Yun Zhu PART VI EUROPEAN FINANCIAL INTEGRATION 19 Integration or fragmentation? A closer look at euro area financial markets 443 Martin Feldkircher and Karin Klieber 20 European ‘fear’ indices 470 Wolfgang Aussenegg, Lukas Goetz and Ranko Jelic 21 Financial integration and European tourism stocks 495 Guglielmo Maria Caporale, Stavroula Yfanti, Menelaos Karanasos and Jiaying Wu 22 The European Banking Union: integrating supervisory approaches 539 Franco Fiordelisi and Giulia Scardozzi 23 Financial integration and economic growth in Europe 550 Guglielmo Maria Caporale, Anamaria Diana Sova and Robert Sova PART VII FINANCIAL INTEGRATION AND POLICY ISSUES 24 The integration of the financial system in macroeconometric models for policy simulation 565 Riccardo Barbieri Hermitte, Carlo A. Favero, Valeria Macauda, Mara Meacci, Francesco Nucci and Cristian Tegami 25 Cross-border banking, spillovers, and international macroprudential policy coordination 584 Pierre-Richard Agénor 26 The central bank digital currency dimension in global financial integration 606 Georgios Chortareas, Eleftheria Kostika and Theodore Pelagidis Index 643

About the Author :
Edited by Guglielmo Maria Caporale, Professor of Economics and Finance, Department of Economics and Finance, Brunel University London, UK

Review :
‘The Handbook of Financial Integration is an excellent collection of chapters that have defined this area of research, authored by leading experts in the field. The Handbook is comprehensive, covering contributions from all corners of the subject, from measurement of integration to detailed analyses of the impact of financial integration in different financial markets. For anyone interested in this area of international finance, this is a valuable resource to keep on your desk.’ ‘This collection represents a veritable goldmine of research into the impact of international financial integration across a variety of assets, institutions, and jurisdictions. An indispensable reference for those seeking to better understand this important facet of international economic interaction and its implications for policy makers.’ ‘The Editor is to be congratulated on such a thorough coverage of key issues in financial integration. It is a collection of fine chapters which tackle the latest research and/or summarize the main developments. It will be invaluable for researchers and practitioners.’


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Product Details
  • ISBN-13: 9781803926360
  • Publisher: Edward Elgar Publishing Ltd
  • Publisher Imprint: Edward Elgar Publishing Ltd
  • Height: 244 mm
  • No of Pages: 682
  • Width: 169 mm
  • ISBN-10: 1803926368
  • Publisher Date: 31 May 2024
  • Binding: Hardback
  • Language: English
  • Series Title: Research Handbooks in Money and Finance series


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