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Portfolio diversification in Europe

Adjaouté, Kpate ; Danthine, Jean-Pierre ; Isakov, Dušan

(FAME Research Paper ; 86)

Have the euro and accompanying measures of financial integration had a discernable impact on the degree of diversification of European investors? This is an empirical question that this paper tries to answer by exploring four alternative avenues. First we focus on the final outcome: If European investors are indeed better diversified, their consumption should be increasingly correlated. Second we...