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E-book
Author Bhatia, A. (Ashok Vir), author.

Title A capital market union for Europe / Ashok Vir Bhatia [and 7 others] ; with detailed input from Wolfgang Bergthaler and Jose Garrido ; under the overall guidance of Mahmood Pradhan
Published [Washington, D.C.] : International Monetary Fund, [2019]
©2019

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Description 1 online resource
Series IMF staff discussion note ; SDN/19/07
IMF staff discussion note ; SDN/19/07.
Summary This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively small, resulting in strong bank-dependence, and are split sharply along national lines. Results include an uneven playing field in terms of corporate funding costs, the rationing out of collateral-constrained firms, and limited shock absorption. The benefits of integration center on expanding financial choice, ultimately to support capital formation and resilience. Capital market development and integration would support a healthy diversity in European finance. Proceeding methodically, the note identifies three key barriers to greater capital market integration in Europe: transparency, regulatory quality, and insolvency practices. Based on these findings, the note urges three policy priorities, focused on the three barriers. There is no roadblock-such steps should prove feasible without a new grand bargain
Bibliography Includes bibliographical references
Notes Online resource; title from PDF title page (IMF, viewed November 19, 2020)
Form Electronic book
Author International Monetary Fund, issuing body.
ISBN 9781498313278
1498313272