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Capital Markets Union – Financial Integration And Risk-Sharing

Author

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  • Sorin-Nicolae Curcă

Abstract

The Action Plan for the Capital Markets Union across the EU was proposed by the European Union and launched in September 2015, aiming to reduce fragmentation in the financial sector and to develop financing options, other than those offered by the banking sector. The present paper analyzes the issue on integration in the capital market, highlighting the main features of the financing model of the European Union, its benefits, respectively how it can determine risk-sharing. What has been emphasized is that deepening the integration can contribute to removing barriers from the free movement of capital between the Member States and can generate a number of positive effects such as more efficient allocation of it, improving competition between intermediaries and between financing channels, reducing transaction costs. In terms of risk sharing, it has been highlighted the significant contribution that the capital market can bring to stabilizing the economy in time of crises.

Suggested Citation

  • Sorin-Nicolae Curcă, 2019. "Capital Markets Union – Financial Integration And Risk-Sharing," Euroinfo, Institute for World Economy, Romanian Academy, vol. 3(9), pages 17-28, September.
    • Handle: RePEc:iem:eurinf:v:3:y:2019:i:9:p:17-28
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    File URL: http://www.iem.ro/rem/index.php/euroinfo/article/view/720/802
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    More about this item

    Keywords

    capital market; investments; financial integration; shares; bonds; risk-sharing; European Union;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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