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A monetáris unió hatása az európai tőkepiacokra
[The effect of monetary union on European capital markets]

Author

Listed:
  • Marján, Attila

Abstract

Az euró bevezetése lökést adott az európai tőkepiacok növekedéséhez és egységesüléséhez, de hatása különbözött az egyes piaci szegmensek tekintetében. A kötvénypiac nagyobb és integráltabb lett, az átlagos kibocsátás mérete megnőtt, az állampapír-piaci szegmens pedig homogénebbé vált. A vállalati kötvénypiac túlnőtte az államit, megfordítva egy öröknek hitt állapotot. Az eurózóna kötvénypiaca fontos finanszírozási forrássá kezd válni a vállalatok számára, jóllehet a jelenlegi világgazdasági lassulás nem kedvez e tendenciának.További hatékonyságnövekedés és költségcsökkenés várható az eurózóna tőkepiacán, és valószínűsíthető a piaci (angolszász) típusú finanszírozás megerősödése. A pénzügyi szolgáltatók átrendezték bel-ső szervezeti rendjüket, befektetési filozófiájukat, hogy az jobban megfeleljen az összeurópai szinten kialakított üzletvitelnek. Az eurónak az európai részvénypiacokra vonatkozó hatása közvetett - inkább az ármeghatározó és kevésbé a részvénykereskedelmi szerkezetre ható tényezőkben jelentkezik -, nehéz elkülöníteni a többi strukturális tényezőtől. Tény azonban, hogy az eurórégióban lévő intézményi befektetők hazai piacokra való koncentrálása (home bias) jelentősen csökkent. Az európai ér-téktőzsdék valóságos körtáncot járnak egymással, kipróbálva a fúziók és szövetségek szinte valamennyi lehetséges változatát. Journal of Economics Literature (JEL) kód: G15.

Suggested Citation

  • Marján, Attila, 2003. "A monetáris unió hatása az európai tőkepiacokra [The effect of monetary union on European capital markets]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 800-818.
    • Handle: RePEc:ksa:szemle:637
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    References listed on IDEAS

    as
    1. Javier Santillán & Marc Bayle & Christian Thygesen, 2000. "The impact of the euro on money and bond markets," Occasional Paper Series 1, European Central Bank.
    2. Santillán, Javier & Bayle, Marc & Thygesen, Christian, 2000. "The impact of the euro on money and bond markets," Occasional Paper Series 1, European Central Bank.
    3. Fratzscher, Marcel, 2002. "Financial Market Integration in Europe: On the Effects of EMU on Stock Markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(3), pages 165-193, July.
    4. Carsten Detken & Philipp Hartmann, 2000. "The Euro and International Capital Markets," International Finance, Wiley Blackwell, vol. 3(1), pages 53-94, April.
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    6. Cassola, Nuno & Morana, Claudio, 2004. "Monetary policy and the stock market in the euro area," Journal of Policy Modeling, Elsevier, vol. 26(3), pages 387-399, April.
    7. Gert Peersman & Frank Smets, 2005. "The Industry Effects of Monetary Policy in the Euro Area," Economic Journal, Royal Economic Society, vol. 115(503), pages 319-342, April.
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    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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