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Market-Based Finance, Debt and Systemic Risk: A Critique of the EU Capital Markets Union

Author

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  • Bavoso Vincenzo

    (University of Manchester, School of Law, Manchester, United Kingdom of Great Britain and Northern Ireland)

Abstract

Modern, globalised financial markets are the offspring of a process of liberalisation of capital that started with the collapse of Bretton Woods in the 1970s and culminated with a number of regulatory changes in the 1980s and 1990s. As a consequence of that process, financial markets have grown dramatically and become increasingly integrated at a global level. Importantly, the growth and innovation that occurred over the past decade has taken place in the realm of capital market finance, and in particular in the context of market-based channels that revolved chiefly around securitisation and repo transactions. As a result, new debt transactions and products have been engineered since the 1980s.

Suggested Citation

  • Bavoso Vincenzo, 2021. "Market-Based Finance, Debt and Systemic Risk: A Critique of the EU Capital Markets Union," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 11(3), pages 1-26, December.
    • Handle: RePEc:bpj:aelcon:v:11:y:2021:i:3:p:26:n:3
    DOI: 10.1515/ael-2017-0039
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    Cited by:

    1. Shanshan Jiang & Jie Wang & Ruiting Dong & Yutong Li & Min Xia, 2023. "Systemic Risk with Multi-Channel Risk Contagion in the Interbank Market," Sustainability, MDPI, vol. 15(3), pages 1-24, February.

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