Format:
1 Online-Ressource (circa 31 Seiten)
,
Illustrationen
ISBN:
9781498313278
Series Statement:
IMF staff discussion note SDN/19, 07 (September 2019)
Content:
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
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781498313278.006
Author information:
Santos, André Oliveira
Author information:
Almeida, Luiza Antoun de
Author information:
Garrido, José María 1965-
Author information:
Weber, Anke
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