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European corporate bond market integration: lessons from EMU

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  • Avadanei, Andreea
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    Abstract

    Abstract: The scope of this article is to point out the features of European corporate bond market, in particular its development since the euro introduction. We structured our paper on chapters that present its economic importance, the implications of the common currency in respect to its growth and the level of integration in the present context. This market, including the debt securities issued by non-financial corporations, non-monetary financial corporations and monetary financial institutions, is economically important, as it contributes to the allocation of funds to their most profitable uses. Its rapid growth since the introduction of the euro can be explained by developments in economic activity, the costs of issuance and mergers &acquisitions-related activity. The adoption of the common currency had a direct and permanent effect on debt securities issued by non-monetary financial corporations. However, the use of corporate bonds at the euro area level is not uniform across countries. Country-specific factors continue to matter, despite the fact that financial markets are gradually becoming more integrated.

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    File URL: http://mpra.ub.uni-muenchen.de/27309/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 27309.

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    Date of creation: 08 Dec 2010
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    Handle: RePEc:pra:mprapa:27309

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    Keywords: corporate bond market; euro; financial integration; economic importance; market segmentation.;

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    1. Wolff, Guntram B. & Schulz, Alexander, 2008. "Sovereign bond market integration: the euro, trading platforms and globalization," Discussion Paper Series 1: Economic Studies 2008,12, Deutsche Bundesbank, Research Centre.
    2. Gabe de Bondt & Jung-Duk Lichtenberger, 2004. "Empirical estimates of the impact of the euro on the corporate bond market in the euro area," Applied Economics Letters, Taylor & Francis Journals, vol. 11(11), pages 675-678.
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    Cited by:
    1. Stavarek, Daniel & Repkova, Iveta & Gajdosova, Katarina, 2011. "Theory of financial integration and achievements in the European Union," MPRA Paper 34393, University Library of Munich, Germany.

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