The Effects Of Emu On European Capital Markets

Author : Ulrich Machold
Publisher : GRIN Verlag
Page : 18 pages
File Size : 41,6 Mb
Release : 2003-01-04
Category : Business & Economics
ISBN : 9783638161503

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The Effects of EMU on European Capital Markets by Ulrich Machold Pdf

Seminar paper from the year 2001 in the subject Economics - Monetary theory and policy, grade: 1.2 (A), Technical University of Berlin (European Center), course: The EU as a common economy, language: English, abstract: Within the last three years, the European financial landscape has undergone a rapid transformation that continues to astonish observers and market participants alike: Corporate and public euro bond markets have emerged whose issuing activities rival those of respective US dollar markets. Europe-wide indices have been firmly established. Institutional portfolios are being traded along pan-European sectoral rather than national lines. Cross-border mergers of banks and financial institutions on an unprecedented scale are drastically changing national banking landscapes as well as international financial structures and underlying all of this is the revolutionary emergence of a genuine European equity culture. Quite naturally, not all of these developments can be attributed to the eventual arrival of European Economic and Monetary Union (EMU). Many trends have had their precursors in the continuing liberalisation and de-regulation processes of the 1990s, as manifested in the 1992 Maastricht Treaty. However, historical data makes it difficult not to account for EMU as one major factor behind many of the most recent changes. In this paper, I will therefore argue that at least some of the above changes can best be explained by the effects of EMU. In several ways, the advent of the single currency has triggered an equilibrium shift in more than one field that would otherwise not have occurred. In order to do so, I shall first put EMU into perspective by briefly sketching its position within the wider framework of the process of European capital market integration by means of liberalisation. Second, I shall illustrate whether and to what extent the intended direct effects of EMU did in fact materialise, but also how further indirect effects go beyond these and contribute to explaining some seemingly less related developments. Last, I shall evaluate how integrated European capital markets in fact are compared to national markets, using the U.S. as a benchmark, and close with a brief discussion of potential normative implications.

Author : Mr.Alessandro Prati,Mr.Garry J. Schinasi
Publisher : International Monetary Fund
Page : 62 pages
File Size : 51,6 Mb
Release : 1997-05-01
Category : Business & Economics
ISBN : 9781451848250

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European Monetary Union and International Capital Markets by Mr.Alessandro Prati,Mr.Garry J. Schinasi Pdf

This paper analyzes the structural implications of EMU for international capital markets. It discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities markets, and aspects of systemic risk management. The implications for wholesale and retail banking markets are also discussed, as are the broader implications of the introduction of the euro for changes in international capital flows, international portfolios, and by implication exchange rates.

Author : Thomas Moser,Bernd Schips
Publisher : Springer Science & Business Media
Page : 324 pages
File Size : 40,8 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9781475751314

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EMU, Financial Markets and the World Economy by Thomas Moser,Bernd Schips Pdf

This book is based on the conference "EMU and the Outside World", held at the Swiss Federal Institute of Technology (ETH), December 11, 1998. The conference was organized by the Swiss Institute for Business Cycle Research (KOF), which is supported jointly by the ETH and the Swiss Society for Business Cycle Research (SGK), an organization comprising representatives from private industry, the Swiss National Bank and public authorities. On the eve of the final stage of European Economic and Mone tary Union (EMU), Zurich seemed to be a particularly appropriate place for such a conference. On the one hand, given its location and economic and financial links with the euro area, Switzerland is one of the "outside coun tries" most affected by EMU. On the other hand, it was nowhere else than in Zurich where the vision of "a United States of Europe" was expressed for the first time by Winston Churchill in his speech on September 19, 1946. For many EMU is a step in that direction, whether welcome or not. Most of the papers appearing in this volume were presented at the con ference and have been revised and updated. Three contributions, chapter 11- 13, were commissioned specially for this publication. Besides the authors of the chapters, special thanks are due to Guido Boller, Robert McCauley, Umberto Schwarz, and Charles Wyplosz.

Author : Tullio Jappelli,Marco Pagano
Publisher : Unknown
Page : 42 pages
File Size : 50,5 Mb
Release : 2008
Category : Capital market
ISBN : OCLC:300618061

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Financial Market Integration Under EMU by Tullio Jappelli,Marco Pagano Pdf

"The European Monetary Union (EMU) has been the single most important policy-induced innovation in the international financial system since the collapse of the Bretton-Woods system. By eliminating exchange rate risk, EMU has eliminated a key obstacle to financial integration. But while a single currency is a necessary condition for the emergence of pan-European capital markets, it is not a sufficient one. Other frictions may still stand in the way of full integration: persistent differences in regulations applying to financial intermediaries, tax treatment, standard contractual clauses and business conventions, issuance policy, security trading systems, settlement systems, availability of information, and judicial enforcement may still segment financial markets along national borders. In the process that preceded and accompanied the introduction of the euro, however, monetary unification triggered a sequence of policy actions and private sector responses that swept aside many other regulatory barriers to financial integration. To what extent has this process of regulatory reform led to actual financial integration? And if European financial markets have actually become more integrated, to what extent have these changes spurred growth and investment in Europe? Will financial integration affect also the ability of households to shoulder risks, or the ability of European economies to adjust to macroeconomic shocks? Which policy lessons can we draw for the future of European financial markets?"--Publication information page.

Author : Mr.Thomas Krueger,Mr.Paul R. Masson,Mr.Bart Turtelboom
Publisher : International Monetary Fund
Page : 580 pages
File Size : 55,9 Mb
Release : 1997-09-10
Category : Business & Economics
ISBN : 1557756643

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EMU and the International Monetary System by Mr.Thomas Krueger,Mr.Paul R. Masson,Mr.Bart Turtelboom Pdf

This book, edited by Paul R. Masson, Thomas Krueger, and Bart G. Turtelboom, contains the proceedings of the seminar held in Washington, D.C. on March 17-18, 1997, cosponsored by the IMF and Fondation Camille Gutt. Conference participants discussed implications of European Economic and Monetary Union (EMU) on exchange and financial markets, and consequently on the activities of market participants and private and official institutions. The five main themes of the seminar were the characteristics of the euro and its potential role as an international currency; EMU and international policy coordination; EMU and the relationship between the IMF and its EMU members; lessons of European monetary integration for the international monetary system; and the transitioin to EMU.

Author : Hubert Ooghe,Freddy Heylen,Rudy Vander Vennet,Jan Vermaut
Publisher : Springer Science & Business Media
Page : 441 pages
File Size : 45,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461513834

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The Economic and Business Consequences of the EMU by Hubert Ooghe,Freddy Heylen,Rudy Vander Vennet,Jan Vermaut Pdf

The Economic and Business Consequences of the EMU A Challenge for Governments, Financial Institutions and Firms Hubert Ooghe Conference Chairman, Vlerick Leuven Gent Management School alld Ghent University EMU finally got under way on 1 st January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Euroland has the wherewithal with which to enter the 21 st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who playa part in the economy, it is a question of making the most of the macro and micro economic opportunities offered by the Euro and minimising any threats. On 17th and 18th March 2000, after the EMU and Euro were in operation for one year, an international conference was held in Ghent (Belgium) on the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms.

Author : Benjamin J. Cohen
Publisher : Unknown
Page : 46 pages
File Size : 52,5 Mb
Release : 2000
Category : Developing countries
ISBN : STANFORD:36105112847418

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EMU and the Developing Countries by Benjamin J. Cohen Pdf

Author : Jongmoo Jay Choi,Jeffrey M. Wrase
Publisher : Emerald Group Publishing
Page : 275 pages
File Size : 40,6 Mb
Release : 2001
Category : Business & Economics
ISBN : 0762308303

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European Monetary Union and Capital Markets by Jongmoo Jay Choi,Jeffrey M. Wrase Pdf

Considers effects on capital and goods markets of monetary union in general and European Monetary Union (EMU) in particular. This volume addresses the effects of monetary union, which fall into three categories - adjustments in goods and labor markets, adjustments in money and capital markets, and institutional adjustments.

Author : Jean Dermine
Publisher : Unknown
Page : 62 pages
File Size : 49,7 Mb
Release : 1998
Category : Capital market
ISBN : UCLA:L0079816054

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European Capital Markets with a Single Currency by Jean Dermine Pdf

Author : Marco Buti,André Sapir
Publisher : Edward Elgar Publishing
Page : 520 pages
File Size : 45,5 Mb
Release : 2002-01-01
Category : Business & Economics
ISBN : 1781009856

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EMU and Economic Policy in Europe by Marco Buti,André Sapir Pdf

Explores issues surrounding the European Monetary Union, including the financial impact of the euro, the behavior of monetary and fiscal authorities, and the consequences of EU enlargement.

Author : Daniel Gros,Karel Lannoo
Publisher : John Wiley & Sons
Page : 216 pages
File Size : 44,6 Mb
Release : 2001-12-11
Category : Business & Economics
ISBN : 9780470842768

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The Euro Capital Market by Daniel Gros,Karel Lannoo Pdf

The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision. The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging. This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market. In particular, the book examines: * The institutional and regulatory framework for European capital markets * The structure of European capital markets on the eve of EMU * The regional differences and the contrasts with the US capital market * The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge * The implications of EMU for organised securities markets * The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision

Author : Mauro Grande
Publisher : Routledge
Page : 284 pages
File Size : 42,8 Mb
Release : 2018-02-06
Category : Political Science
ISBN : 9781351159111

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Elements of the Euro Area by Mauro Grande Pdf

As time elapses since the introduction of the Euro, it is legitimate to start asking what impact the new currency and the single monetary policy have had on European integration. This book provides the most comprehensive review of financial integration in the euro area. The volume includes an introduction to the institutional features of the euro area and the literature on financial integration. It examines developments in the financial structures at large and moves forward to focus on specific areas pertaining to financial intermediaries, the bond and equity markets, and market-based debt finance. It is particularly suited to researchers and students of developments in the euro area, central banking, money and banking, as well as international relations and international business more generally. While the introductory chapters will help in bringing undergraduates on board, the later chapters will particularly benefit the early graduate student as well as the professional observer.

Author : Ingo Walter,Roy C. Smith
Publisher : Pearson Education
Page : 380 pages
File Size : 51,5 Mb
Release : 2000
Category : Business & Economics
ISBN : STANFORD:36105110170680

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High Finance in the Euro-zone by Ingo Walter,Roy C. Smith Pdf

The complete, up-to-the-minute investment banking briefing for everyone who does business in Europe. European finance after the Euro: What next? Understanding the dramatic changes throughout the European financial sector: who will thrive, who will survive -- and who won't. The new Euro marketplace: equities, markets, exchanges, fixed income securities, M&As, privatization, asset management, and more. The world of finance after the Euro: an insightful, up-to-the-minute briefing from two leaders of the US international investment banking community. The Euro has set the stage for what is likely to become the world's second largest capital market: a unified Europe. In this revolution, the most efficient, creative financial approaches will win -- with dramatic implications for how European companies and joint ventures finance themselves, how they are governed, how European markets evolve, how investments are managed, and which financial centers will dominate. This book offers wide-ranging insights into the dramatic changes that are well underway in the wake of the Euro, covering virtually every aspect of European finance, from equities and fixed income assets to markets, exchanges, corporate governance, and business culture.

Author : Hubert Ooghe,Freddy Heylen,Rudy Vander Vennet
Publisher : Springer
Page : 452 pages
File Size : 40,9 Mb
Release : 2011-05-15
Category : Electronic
ISBN : 1461513847

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The Economic and Business Consequences of the Emu by Hubert Ooghe,Freddy Heylen,Rudy Vander Vennet Pdf

The European Monetary Union (EMU) got under way on 1 January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Europe has the wherewithal with which to enter the 21st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who play a part in the economy, it is a question of making the most of the macro and microeconomic opportunities offered by the Euro and minimizing any threats. The Economic and Business Consequences of the EMU describes the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms. The volume, s aims are threefold: To make a first assessment after about a year=s experience with Economic and Monetary Union; To examine the impact of EMU and the introduction of the Euro in various areas of economic policy, involving both government and the corporate sector including the banking industry; To provide an insight into the challenges that the Euro offers for the coming years with respect both to macro-economic policy and the development of the financial markets and with respect to business management.

Author : Francesco Giordano,Sharda Persaud
Publisher : Routledge
Page : 218 pages
File Size : 55,7 Mb
Release : 2013-10-18
Category : Business & Economics
ISBN : 9781136224164

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The Political Economy of Monetary Union by Francesco Giordano,Sharda Persaud Pdf

This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.