The fundamental determinants of financial integration in the European Union



32


CC =-1.01 + 0.005 DEBT R2 = -0.10
(0.78) (0.01)

CC =-0.59 - 0.30 CA R2 = 0.14

(0.30) (0.19)

Gerniany


Denmark


Denmark


Austria


Austria


Germany


1
Î-


Γ^
J"


Finland


0.5-


0-


I-OlS-
ð


S.


l-ɪ-
ð


France


Spain
■ Sweden


Netho1Iands


United Kingdnm


Belgium


S
f
l-


Netherlands


Italy


Γ
≡-1.5-


I -ɪ-


United Kingdom


Finland


France


Spain


Belgium


Italy


Sweden


10    20    30    40    50    60    70    80    90    100   110    120

Gross government debt as percentage of GDP


CC = -0.23 - 0.64 INF TAX

(0.49) (0.36)


R2 = 0.10


-2.5


Current account balance as percentage of GDP


CC = -0.24 - 0.48 SEIGN   R2 = 0.07

(0.49) (0.36)


Denmark
Germany
■ Austria


Netherlands


Belgium


France


Sweden


Finland


0.5


Inflation tax as percentage of GDP


United Kingdom


Spain


Italy


2.5


I 0.5-

I
.1
⅛-0,5-


S
?

1
a


■2.5


Denmark


Rnland


Germany
h Austria


Netherlands


Belgium


France


Sweden


Seignorage as percentage of GDP


United Kingdom


Spain


Italy


CC = -1.68* - 0.01 OPEN R2 = 0.06

(0.77) (0.01)

CC = -1.63 + 0.01 CREDIT R2 = - 0.07

(1.64) (0.02)

I 0.5-


Germany


S

1

>-


■2.5 —

20


tH
a
E

I-0.5-


г
O
:e


2-1.5-
tr
t

д -2-


■2.5—

1.5


France


Italy


Netherlands


Spain


40


United Kingdom


Belgium


§0.5-
ξ

S
≡ O
a

E

2-0.5-


Denmark


Belgium


Sweden


2-1.5-
e
a


Fioland


■2-


Finland


60



Openness


100


120


140


Netherlands


United Kingdom


Sweden


France a
Italy


■2.5—

50


60


70


SO


90


Credit to the domestic economy


Germany

Austria


Spain


100


110


CC = -0.75 - 0.005 M2M1 R2
(0.93) (0.27)

■ Netherlands


Belgium


Italy


United Kingdom


France


Spain


Finland


2.5


3        3.5

М2 overM1


0.11


Sweden


4.5


5.5




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