Rynek papierów dłużnych w krajach Unii Gospodarczej i Walutowej
Debt securities market in Economic and Monetary Union
Dokonano analizy rynku papierów dłużnych w krajach strefy euro. Gwałtowny rozwój tego rynku nastąpił w ostatniej dekadzie minionego stulecia. Zdominowali go emitenci z sześciu państw: Niemiec, Włoch, Francji, Holandii, Hiszpanii i Belgii.
The debt securities market, which forms a part of the entire market system, is one of the underlying components of modern market economy. It is an important element of redistribution of funds. On the one hand, it enables organizations to satisfy their temporary demand for funds; on the other hand, it provides an opportunity for a profitable deposit. The monetary integration undoubtedly exerted its influence on the operation of the debt securities market in Europe. It is exactly this segment of the securities market, which had been of an international character before, where the changes are progressing the most rapidly. The introduction of the euro not only contributes to the elimination of the foreign exchange risk, but also accelerates capital flow between the euro area countries. Borrowers and lenders from various regions in Europe gain access to new opportunities to diversify their financial strategies, financial markets or to conduct international operations. The success of the euro measured by current fast development of financial markets in the euro area countries, including the debt securities market. However, the introduction of a common currency has not removed all barriers to the integration of the debt securities market. The following aspects are particularly of note: a diversity of legal solutions (e.g. different tax solutions both in relation to the level of taxes and the type of taxation applied), different infrastructures, lack of harmonization of trading rules or settlement systems. Thise diversity inhibits integration processes. Moreover, the integration of the debt securities markets is held back by administrative costs incurred by organizations that invest outside of their home country. The relatively low number of enterprises raising funds in the securities market (in comparison with the USA) is also a problem. Sometimes, the market players themselves prove to be an obstacle to full integration, since they focus their activities
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