01769cas a2200241 a 4500 AALejournalIMF007907 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451850642 1018-5941 BD-DhAAL BD-DhAAL Kraus, Thomas. The Impact of the EMUon the Structure of European Equity Returns : An Empirical Analysis of the First 21 Months / Thomas Kraus. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (40 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Using symmetric data sets of 92 weekly return observations before and after the introduction of the euro, the paper analyzes the impact of the new currency on the return structure of equity markets in the European Monetary Union. Variance decompositions, cluster analyses, and principle component analyses are used to explore the changes in the structural relations. European industry factors are found to have dramatically increased in importance with the launch of the single currency, and a new 'country-size' factor in European stock returns is detected. Furthermore, inner-European correlations are documented to have been reduced sharply with the start of the monetary union. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2001/084 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/084/001.2001.issue-084-en.xml IMF e-Library