FINANCIAL INTEGRATION IN THE FOUR BASINS: A QUANTITATIVE COMPARISON.

The intention of the following paper is to present some stylized features of the financial integration of the four basin regions composed by the Baltic Sea, Black Sea, Caspian Sea and Mediterranean Sea regions. It discusses the developments, trends and features of the International Investment Position (IIP) in the regions. Using volume based indicators we compare and identify the gaps in them, whilst distinguishing between the EU e non-EU members and providing an overview of the asymmetries and the convergence as a result of the integration in the different financial markets. After reviewing the trends, the final chapter points to those areas that need further efforts to achieve greater regional integration. [ABSTRACT FROM AUTHOR]