CAPITAL MARKETS IN EUROPE – INTEGRATION AS AN ANTI-CRISIS MEASURE Cover Image

ЕВРОПЕЙСКИТЕ КАПИТАЛОВИ ПАЗАРИ – ИНТЕГРАЦИЯТА КАТО АНТИКРИЗИСНА МЯРК
CAPITAL MARKETS IN EUROPE – INTEGRATION AS AN ANTI-CRISIS MEASURE

Author(s): Dimitar Kostov
Subject(s): Economy
Published by: Стопанска академия »Д. А. Ценов«
Keywords: capital market;EU;integration;international capital allocation

Summary/Abstract: The leading thesis in this paper is the concept that the development of a unified institutionalized European capital market is a necessity and a mandatory condition for the successful implementation of the EU economic policy, which, however, has not been recognized as a priority by the governing institutions of the Economic Union. Using empirical research we prove that the average correlation of the indices of capital markets within the Euronext system is a bit higher and much more stable than the correlation of the chosen five stock exchanges which are not in the Euronext system. That allows for a conclusion to be made that the degree of capital market integration is higher within the Euronext system than outside it, which may be used as a powerful anti-crisis instrument.

  • Issue Year: 18/2012
  • Issue No: 18
  • Page Range: 276-289
  • Page Count: 13
  • Language: Bulgarian
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