MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES
MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

Summary/Abstract: The scope of this paper is to analyze the main tendencies influencing European capital markets development. In order to point out their implications, we structured our study on four chapters. The first one illustrates the consolidation of stock exchanges at the European level; the seconds presents some considerations about the deregulation/re-regulation of EU capital markets; the third section highlights the globalization implications on their evolution and the fourth one indicates the effects of financial innovation. The progressive integration of European capital markets over the past decade contributed to the lowering of capital cost as a result of increased risk diversification opportunities and reduced transaction costs due to the specialization of financial system provisions. Moreover, the expansion of these markets improved firms financing decisions, leading to an increased share of non-bank funding sources.

• Details
• Contents