Flussi finanziari internazionali e divari territoriali: una analisi statistica

Abstract

The paper presents a statistical methodology able to evaluate European Monetary Union in effects on international financial flows. Foreign direct investment and portfolio investment, interpreted as indicators of growth expectations, are analyzed in order to detect if Euro introduction represents a source of economic integration among EMU countries. By referring to risk sharing methods, portfolio investment flows are founded to be a risk sharing cannel, while direct investment flows increase consumption variability.