02228nam a2200289 a 4500 1/51407 080128s2008 be u pdd 1 a0eng d 9789279082573 1016-8060 (print) 1725-3187 (online) KC-AI-08-332-EN-C 37767 GR-PeUP ΚΕΤ Αλφαβητική σειρά Wolff, Guntram B. Sovereign bond market integration : the euro, trading platforms and globasation / Guntram B. Wolff, Alexander Schulz. Brussels- Belgium : European Comission: Directorate-General for Economic and Financial Affairs, 2008. 45 σ. : διαγ. πιν. ; 30 εκ. European Economy. Economic papers ; Study on sovereign bond market integration and the role of the euro, trading platforms and globalisation. We disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU countries, the UK, the US and 16 German Lander in the last 15 years. At a low frequency of weeks, bond market integration has increased gradually in the course of the last 15 years in EMU countries, as well as the UK, the US and the German Lander. The euro, as well as increasing international capital flows, appear to drive low frequency integration. In contrast, yield adjustments to changes of the German benchmark bond at high frequencies, i.e., 2 days, remain relatively low until October 2000, when a sharp increase in integration can be observed in all samples. The increase in high frequency integration can be attributed to electronic trading platforms becoming functional. The change-over from national currencies to the euro can not explain the dramatic increase in high frequency integration. Economic Papers. Schulz, Alexander. European Commission : Directorate-General for Economic and Financial Affairs. Economic Papers June 2008, No 332. European Economy. Economic papers ; 332. INST UNIPILB KET 20090212 EEEP 332 EEEP 332 NOLOAN 23 1 http://ec.europa.eu/economy_finance/publications/publication_summary12782_en.htm.