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The significance of the European capital market for the financing of the corporate sector


  • L. de Haan
  • H.M. Prast


The 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.

Suggested Citation

  • L. de Haan & H.M. Prast, 1999. "The significance of the European capital market for the financing of the corporate sector," WO Research Memoranda (discontinued) 596, Netherlands Central Bank, Research Department.
  • Handle: RePEc:dnb:wormem:596

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    More about this item


    Financial markets and services; Corporate finance;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General


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