أثر السياسة النقدية على تكامل الأسواق المالية الأوروبية وكفاءتها - دراسة حالة منطقة اليورو خلال الفترة 2002/2014و مؤشرات البورصات لمنطقة اليورو

Abstract

This study aims to analyze the impact of monetary policy on the integration of European financial markets, the case of the euro zone study during the period from 2002 to 2014, by analyzing the impact of all of the money supply and interest rates and inflation indices in the euro zone, has also been testing the stability of exchange rate euro and efficiency all indicators of Dax.Cac40.Ftse.Athen indicators during the period from 03/01/2011 to 12/31/2014, when the weak level in order to find the reflection of historical information and data on stock returns, have reached results of the study using different tests Bdalta autocorrelationand partial link of chain index of financial Alasouk sample study of PP test (1988) and ADF (1981) to the hometown of the index series root unitary, and stable means that prices are going randomly, which means that financial markets study sample efficient when the weak level, and the euro exchange rate stable, which means there is a clear impact of the policy of the central bank on the exchange rate is quantitative easing, and European monetary policy for the euro zone highlighted the difference in differences between Unity and the European crisis is the biggest proof of that because of their Influence on monetary union Mzalt and still Tdeiadtha, which means the lack of an integrated banking union and the Union's economy and Isaias integrated in the region.