Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2019.1700386
Is there a common path for the integration of European Union banking systems?
Cristi Spulbăr
Andrei-Cosmin Țenea
Cristian Valeriu Stanciu
Ramona Birău
Sažetak
The main objective of this research article is to explore hypothesis
about the integration of the banking systems in European Union
(EU). Increasing the European Union member states degree of
convergence and integration is one of the major challenges faced
by the European Economic and Monetary Union (EMU). The
empirical analysis is based on the non-linear time-varying coefficients
factor model designed by Phillips and Sul for the sample
period 2007–2017. Our results indicate the rejection of the convergence
hypothesis for EU banking systems. Additionally, our
empirical findings reveal that there are significant differences in
how European banks assess the non-financial sector and the
households sector. During the period 2011–2013, which is a
period coinciding with the most severe episodes of the sovereign
debt crisis, the dispersion between trajectories increases, involving
a segmentation of interest rates, and this leads to the conclusion
that the integration of EU banking systems has been negatively
influenced by the sovereign debt crisis. The results of the empirical
study also suggested that for most clusters, the convergence
speed is relative, which does not lead to an absolute integration
in the long run.
Ključne riječi
European Union; banking systems; financial integration
Hrčak ID:
254390
URI
Datum izdavanja:
9.2.2021.
Posjeta: 417 *