Discussion Paper 12

The impact of the financial crisis on financial integration, growth and investment

Robert Inklaar*, Juan Fernández de Guevara** and Joaquín Maudos**

*University of Groningen (RUG), Netherlands
**Instituto Valenciano de Investigaciones Económicas (IVIE), Valencia, Spain



Financial crises, and in particular those of the past few years, have severe consequences for the affected economies. In this paper we analyse the impact of financial development and European financial integration on growth and we find no reversal of the growth benefits of financial development and integration in recent years. This highlights the economic cost of regulatory changes that would reverse European financial integration. We also find that, following a financial crisis, investment declines more in countries with a greater degree of uncertainty aversion, which can be informative for evaluating post-crisis economic performance.


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 The impact of the financial crisis on financial integration, growth and investment


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This project is funded by the European Commission, Research Directorate General as part of the 7th Framework Programme, Theme 8: Socio-Economic Sciences and Humanities.

Grant Agreement no:244 709

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