THE INTEGRATION OF EUROPEAN STOCK MARKETS: THE CASE OF THE BANKS
用1987年11月至1988年10月的日度数据，分析欧洲四国八家银行股票的市场一体化程度，发现欧共体国家间存在高度一体化，表明资本市场监管放松的益处可能已显现。
This paper presents an analysis of the degree of integration in the security market for European banks' stock using daily data for the period 30th November, 1987‐28th October, 1988. In particular we study eight banks located in four European states, Germany, the Netherlands, Switzerland and the United Kingdom. Some degree of integration might be expected to be present as a consequence of a common regulatory regime incorporated in the Second European Banking Directive and common capital adequacy requirements. We find strong evidence that a high degree of integration does exist, at least amongst EC states. This suggests that the benefits claimed for capital market deregulation, with its associated ‘convergence criteria’ requirements, may already be being enjoyed by EC states.