The significance of the European capital market for the financing of the corporate sector
AbstractThe continental European financial system distinghuishes itself from its American counterpart by the dominance of banks in the financing of nonfinancial companies. Only a fraction of the external capital need of the private sector is fulfilled directly, on the public capital market. Non-bank financial intermediaries play a minor role in most continental-European countries. EMU will bring convergence of the European financial system toward the American system, as both public capital markets and institutional investors are expected to fulfill a more important role in the financing of the corporate sector.
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Bibliographic InfoPaper provided by Netherlands Central Bank, Research Department in its series WO Research Memoranda (discontinued) with number 596.
Date of creation: 1999
Date of revision:
Financial markets and services; Corporate finance;
Find related papers by JEL classification:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
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