Abstract
AbstractThe paper proposes a set of metrics and a methodology to measure the progress that European Union Member States are making towards the development and integration of capital markets. It identifies a set of indicators and analyzes the performance of these countries over the 2007–2018 period using a composite indicator approach (in both a static and dynamic environment), based on the six priorities related to achieving a well-functioning and integrated European capital market included in the European Commission Capital Markets Union Action Plan. The author uses robust clustering to identify groups of countries and tracks their development over time. He finds that the process of capital market development and integration process has started but is not completed and that it is mainly associated with countries’ adherence to European increasing trends driven by the benchmarks rather than the policy actions of countries aimed at catching up with the best performers.
Publisher
Springer Science and Business Media LLC
Subject
General Economics, Econometrics and Finance
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