A Capital Market Union for Europe /

A Capital Market Union for Europe /

This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. R...

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Bibliografske podrobnosti
Glavni avtor: Bhatia, Ashok
Drugi avtorji: Aiyar, Shekhar, Mitra, Srobona, Weber, Anke
Format: Revija
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2019.
Serija:Staff Discussion Notes; Staff Discussion Notes ; No. 2019/007
Online dostop:Full text available on IMF
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100 1 |a Bhatia, Ashok. 
245 1 2 |a A Capital Market Union for Europe /  |c Ashok Bhatia, Srobona Mitra, Anke Weber, Shekhar Aiyar. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2019. 
300 |a 1 online resource (30 pages) 
490 1 |a Staff Discussion Notes 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. Results include an uneven playing field in terms of corporate funding costs, the rationing out of collateral-constrained firms, and limited shock absorption. The benefits of integration center on expanding financial choice, ultimately to support capital formation and resilience. Capital market development and integration would support a healthy diversity in European finance. Proceeding methodically, the note identifies three key barriers to greater capital market integration in Europe: transparency, regulatory quality, and insolvency practices. Based on these findings, the note urges three policy priorities, focused on the three barriers. There is no roadblock-such steps should prove feasible without a new grand bargain. 
538 |a Mode of access: Internet 
700 1 |a Aiyar, Shekhar. 
700 1 |a Mitra, Srobona. 
700 1 |a Weber, Anke. 
830 0 |a Staff Discussion Notes; Staff Discussion Notes ;  |v No. 2019/007 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/006/2019/007/006.2019.issue-007-en.xml  |z IMF e-Library 

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