The Impact of Financial Integration Level on Changing Macroeconomic Indicators in the Crisis Conditions

The International Monetary Fund statistics for 12 eurozone countries is analyzed in order to assess the degree of changes synchrony under the crisis influence of such macroeconomic indicators as GDP growth, public debt, inflation level, unemployment and the current account operations. To quantify the observed changes, the values of Kendall concordance coefficient are calculated in equal intervals of time before and after the crisis beginning. Comparison with similar indices changes in groups of countries at a lower level of financial integration was accomplished. On the basis of received results the author discusses hypothesis about the origin of evident systemic economic turbulence in the eurozone under the crisis influence, which led to financial integration level decrease.