Working Paper No. 612

Does Regulatory Harmonization Increase Bilateral Asset Holdings?

Publicerad: March 5, 2004Antal sidor: 39Nyckelord: Cross-Border Portfolio Investments; Gravity Model; Harmonization; Home Bias; Integration; Securities Regulation JEL-koder: F21; F36; G15; G18; K22

Does Regulatory Harmonization Increase Bilateral Asset Holdings? Jonas Vlachos


By combining new data on bilateral asset holdings with data on securities regulation in an empirical gravity model, it is found that bilateral differences in securities regulation lead to decreased portfolio holdings. Hence, regulatory harmonization can foster financial integration. The results are especially strong for equity holdings. It is verified that the results do not just reflect general economic, institutional, and cultural differences. Additional analysis of causality shows the exogenous component of asset holdings to be associated with larger differences in securities regulation. This might suggest that regulatory differences are used to protect domestic capital markets from outside competition.

 

Jonas Vlachos

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Kollektivavtal och lönebildning i en ny tid

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 Kollektivavtal och lönebildning i en ny tid av Lars Calmfors, Simon Ek och Per Skedinger, IFN, samt Ann-Sofie Kolm, Stockholms universitet, analyseras olika sätt att göra lönebildningen mer flexibel. Analysen utmanar den etablerade synen inom partsorganisationerna på hur lönebildningen bör fungera. 

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