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Czasopismo
2004 | nr 5 | 62--70
Tytuł artykułu

Rynek papierów dłużnych w krajach Unii Gospodarczej i Walutowej

Autorzy
Warianty tytułu
Debt securities market in Economic and Monetary Union
Języki publikacji
PL
Abstrakty
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.
EN
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
Czasopismo
Rocznik
Numer
Strony
62--70
Opis fizyczny
Twórcy
Bibliografia
  • 1. W.F. Duisenberg: Financing in the European capital markets, www. ecb. int
  • 2. W.F. Duisenberg: The integration of Europe's financial markets. BIS Review 58/2002, www. bis. org
  • 3. W.F. Duisenberg: The international role of the euro. BIS Review 72/2000, www. bis. org
  • 4. W.F. Duisenberg: The role of capital markets and financing in the euro area. BIS Review 69/1999, www. bis. org.
  • 5. European Central Bank Securities Issues Statistics, June 2003, www. ecb. int
  • 6. European Central Bank: The euro bond market. European Central Bank, Frankfurt am Main, July 2001, www. ecb. int.
  • 7. European Central Bank: The euro money market. European Central Bank, Frankfurt am Main, July 2001, www. ecb. int.
  • 8. G. Ferrarini: European Securities Markets. The Investment Services Directive and Beyond. Kluwer Law International, London, The Hague, Boston, 1998.
  • 9. G. Galati, K. Tsatsaronis: The impact of the euro on Europe's financial markets. BIS Working Papers No 100, July 2001, www. bis. org
  • 10. D. Gros, K. Lannoo: The Euro Capital Market. John Wiley and Sons, Chichester, New York, Weinheim, Brisbane, Singapore, Toronto 2000.
  • 11. D. Haferkamp: European capital markets in the first year of EMU. BIS Review 101/1999.
  • 12. S. Hamalainen: Integration of the euro area financial markets, www. ecb. int.
  • 13. S. Hamalainen: Structural developments of the European financial markets: The role of the euro. www. ecb. int.
  • 14. P. Hartmann, A. Maddaloni, S. Manganelli: The euro area financial system: structure, integration, and policy initiatives. European Central Bank, Working Paper Series No. 230, May 2003, www. ecb. int.
  • 15. C. Noyer: The developments of financial markets in the euro area. BIS Review 54/2000, www. bis. org.
  • 16. A. Samborski: Rynki kapitałowe w krajach strefy euro. „Przegląd Ustawodawstwa Gospodarczego" nr 1/2003, PWE Warszawa.
  • 17. A. Samborski: Rynki papierów wartościowych w krajach Unii Europejskiej. AE Katowice, w przygotowaniu.
  • 18. J. Santillan, M. Bayle, C. Thyesen: The impact of the euro on money and bond markets. European Central Bank, Occasional Paper Series, Frankfurt am Main, July 2000, www. ecb. int
  • 19. E. D. Solans: The euro in the international capital markets, www. ecb. int
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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