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CSEF - Center for Studies in Economics and Finance

1 January 2014 – 0000
European Financial Market Integration

In 2003 CSEF completed two EU-sponsored studies on financial market integration. The first study (Analyse, compare, and apply alternative indicators and monitoring methodologies to measure the evolution of capital market integration in the European Union) reviews and compares existing methodologies to measure capital market integration, tests their suitability to monitor EU capital market integration, and proposes changes to existing indicators or new indicators.

The findings are reported in a study for the Internal Market Directorate General of the EU Commission: Study to Analyse, Compare, and Apply Alternative Indicators and Monitoring Methodologies to Measure the Evolution of Capital Market Integration in the European Union (January 2002)". The report was prepared by CSEF researchers Klaus Adam, Tullio Jappelli, Annamaria Menichini, Mario Padula, and Marco Pagano. The text of the report is available on the Internal Market web site at:

and its tables and figures at:

The second study (Financial market integration, corporate financing and economic growth) uses cross-country industry-level and company-level data to estimate the impact of financial market integration on corporate growth in European countries. The study addresses the following questions: what is the impact of financial market efficiency and development on investment and growth? What are the likely consequences of EU financial integration for investment and growth? What are the limits to EU financial integration entailed by the differences in the legal framework of EU member countries?

The study critically reviews the existing literature and defines a conceptual framework linking the investment and financial policies of companies to various indicators of financial efficiency and development. It builds upon existing work and moves beyond it by relying on the analysis of cross-country industry-level and company-level panel data for EU countries and for the US. For this project, CSEF researchers Tullio Jappelli, Mario Padula and Marco Pagano have joined forces with Luigi Guiso (University of Sassari and Ente Einaudi) and Mariassunta Giannetti (Stockholm University) and is available on the Internal Market web site at