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Euro Area Corporate Debt Securities Market
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Book Synopsis Euro Area Corporate Debt Securities Market by : Gabe de Bondt
Download or read book Euro Area Corporate Debt Securities Market written by Gabe de Bondt and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A striking development in the euro area financial markets since 1999 was the rapid growth of the corporate debt securities market. This paper offers a first empirical examination of this market since the introduction of the euro using macroeconomic data. It is shown that corporate debt issuance is positively correlated with mergers and acquisitions and with industrial production, taken as a proxy of investment expenditures or working capital. Substitution with other sources of finance is shown to be related to cost differentials. The timing and size of these explanatory factors of corporate debt securities issuance differ across maturity. The empirical findings also show that corporate bond spreads lag short-term interest rates and lead real economic activity. All this suggests that the euro area corporate bond market, though still young, is informative for monetary policy and may develop into a significant link in the euro area monetary policy transmission process.
Book Synopsis Elements of the Euro Area by : Mauro Grande
Download or read book Elements of the Euro Area written by Mauro Grande and published by Routledge. This book was released on 2018-10-26 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2005, this volume considers that, as time elapses since the introduction of the Euro, it is legitimate to start asking what impact the new currency and the single monetary policy have had on European integration. This book provides the most comprehensive review of financial integration in the euro area. The volume includes an introduction to the institutional features of the euro area and the literature on financial integration. It examines developments in the financial structures at large and moves forward to focus on specific areas pertaining to financial intermediaries, the bond and equity markets, and market-based debt finance. It is particularly suited to researchers and students of developments in the euro area, central banking, money and banking, as well as international relations and international business more generally. While the introductory chapters will help in bringing undergraduates on board, the later chapters will particularly benefit the early graduate student as well as the professional observer.
Book Synopsis Euro Area Corporate Debt Securities Market by : Gabe J de Bondt
Download or read book Euro Area Corporate Debt Securities Market written by Gabe J de Bondt and published by . This book was released on 2002 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Report on Financial Structures by : European Central Bank
Download or read book Report on Financial Structures written by European Central Bank and published by . This book was released on 2002 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Europe's Hidden Capital Markets by : Jean-Pierre Casey
Download or read book Europe's Hidden Capital Markets written by Jean-Pierre Casey and published by CEPS. This book was released on 2005 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.
Download or read book Euro Bonds written by Marida Bertocchi and published by World Scientific. This book was released on 2014 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This presents the most recent developments in the Euro bond market. It discusses the problems of the Euro countries, the proposed solutions advocated by European as well as international institutions and investors. Particular emphasis is given to systemic risk and contagion as well as to specific innovative instruments such as structured financial products which protect various classes of investors.
Book Synopsis The Swedish Corporate Bond Market Challenges and Policy Recommendations by : OECD
Download or read book The Swedish Corporate Bond Market Challenges and Policy Recommendations written by OECD and published by OECD Publishing. This book was released on 2024-04-04 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides an assessment of the Swedish corporate bond market and policy recommendations to improve its functioning, drawing from detailed empirical analysis and in-depth interviews with market participants.
Book Synopsis Corporate Balance Sheet Restructuring and Investment in the Euro Area by : Mr.Albert Jaeger
Download or read book Corporate Balance Sheet Restructuring and Investment in the Euro Area written by Mr.Albert Jaeger and published by International Monetary Fund. This book was released on 2003-06-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent boom-bust cycle in the euro area's equity valuations has left nonfinancial corporations saddled with a legacy of high debt or leverage. Models of corporate investment behavior based on imperfect capital markets predict that highly leveraged balance sheets can act as a brake on investment spending. The paper's empirical analysis suggests that leverage effects on corporate investment can be substantial and persistent, particularly if leverage exceeds threshold values.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :18 pages Book Rating :4.4/5 (2 download)
Book Synopsis Euro Area Policies by : International Monetary Fund. European Dept.
Download or read book Euro Area Policies written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-07-19 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Euro Area Policies: Selected Issues
Book Synopsis Measuring Financial Fragmentation in the Euro Area Corporate Bond Market by : Guillaume Horny
Download or read book Measuring Financial Fragmentation in the Euro Area Corporate Bond Market written by Guillaume Horny and published by . This book was released on 2016 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the determinants of euro area non-financial corporate bonds over the last decade. We decompose the spread between the yield of German, French, Italian and Spanish corporate bonds vis-à-vis the German Bund of similar maturity into country, credit and duration risk premia components via dummy regressions. We highlight three main findings. First, the initial phase of the financial crisis (2008-2009) caused an overall increase in credit risk premia. Since the beginning of 2013 credit risk premia are back to levels comparable to those preceding the financial crisis. Second, at the height of the euro area sovereign crisis (2011-2012), high credit risk premia were accompanied by strong and persistent signs of market fragmentation in Italy and Spain (but not in France). This fragmentation has reached its peak in the second half of 2012 and has started to recede only after the announcement of the OMT. Third, we provide a simple measure of financial integration across the big 4 member states of the euro area.
Book Synopsis The Euro Capital Market by : Daniel Gros
Download or read book The Euro Capital Market written by Daniel Gros and published by John Wiley & Sons. This book was released on 2001-12-11 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors predict that the impact will be far-reaching, leading to a more liquid, mature and efficient capital market. The structure of capital markets in Europe and the behaviour of actors in these markets will be fundamentally affected, leading to a more integrated market. For monetary union to achieve its real objective, policy makers will need to address a wide variety of outstanding issues, in particular the taxation of savings income, accounting standards, capital market regulation and financial supervision. The start of monetary union on 1 January 1999 launched a process of radical change in the structure of capital markets in Europe. Whereas previously, Europe had been fragmented into many diverse national markets, a single Euro capital market is now emerging. This book focuses on the long-term impact that the introduction of the euro will have on European capital markets and spells out implications for the financial sector and the wider economy. It discusses what further steps need to be taken to achieve a fully integrated market. In particular, the book examines: * The institutional and regulatory framework for European capital markets * The structure of European capital markets on the eve of EMU * The regional differences and the contrasts with the US capital market * The central role played by banks in European capital markets and the likelihood that a more market-based system may emerge * The implications of EMU for organised securities markets * The consequences for governance and policy, and more in particular for the taxation of savings income, securities market regulation and financial supervision
Book Synopsis Euro Area Sovereign Risk During the Crisis by : Ms.Silvia Sgherri
Download or read book Euro Area Sovereign Risk During the Crisis written by Ms.Silvia Sgherri and published by International Monetary Fund. This book was released on 2009-10-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are mainly driven by a common time-varying factor, mimicking global risk repricing. Since October 2008, however, there is evidence that markets have become progressively more concerned about the potential fiscal implications of national financial sectors' frailty and future debt dynamics. The liquidity of sovereign bond markets still seems to play a significant (albeit fairly limited) role in explaining changes in euro area spreads.
Book Synopsis High Finance in the Euro-zone by : Ingo Walter
Download or read book High Finance in the Euro-zone written by Ingo Walter and published by Pearson Education. This book was released on 2000 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The complete, up-to-the-minute investment banking briefing for everyone who does business in Europe. European finance after the Euro: What next? Understanding the dramatic changes throughout the European financial sector: who will thrive, who will survive -- and who won't. The new Euro marketplace: equities, markets, exchanges, fixed income securities, M&As, privatization, asset management, and more. The world of finance after the Euro: an insightful, up-to-the-minute briefing from two leaders of the US international investment banking community. The Euro has set the stage for what is likely to become the world's second largest capital market: a unified Europe. In this revolution, the most efficient, creative financial approaches will win -- with dramatic implications for how European companies and joint ventures finance themselves, how they are governed, how European markets evolve, how investments are managed, and which financial centers will dominate. This book offers wide-ranging insights into the dramatic changes that are well underway in the wake of the Euro, covering virtually every aspect of European finance, from equities and fixed income assets to markets, exchanges, corporate governance, and business culture.
Book Synopsis Global Debt Report 2024 Bond Markets in a High-Debt Environment by : OECD
Download or read book Global Debt Report 2024 Bond Markets in a High-Debt Environment written by OECD and published by OECD Publishing. This book was released on 2024-03-07 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Debt Report examines sovereign and corporate debt markets, providing insights into current market conditions and associated policy considerations, including possible financial stability risks. This first edition consolidates the Sovereign Borrowing Outlook, previously a separate OECD publication, and introduces new chapters on corporate bond markets and sustainable bonds.
Book Synopsis European Fixed Income Markets by : Jonathan A. Batten
Download or read book European Fixed Income Markets written by Jonathan A. Batten and published by John Wiley & Sons. This book was released on 2004-04-21 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of the euro in 1999 cast a new focus on the financial markets of constituent euro-zone countries, which have subsequently emerged with the second largest bond market in the world. This new book offers in depth insights and advice for any practitioner in the European fixed-income and ancillary derivative markets, and includes in-depth analysis of euro and non-euro markets as well as emerging countries.
Book Synopsis Capital structure and assets risk by : Marco Botta
Download or read book Capital structure and assets risk written by Marco Botta and published by GRIN Verlag. This book was released on 2014-05-21 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Doctoral Thesis / Dissertation from the year 2007 in the subject Economics - Finance, grade: NA, Catholic University of Sacred Heart, language: English, abstract: Using a sample of non-financial listed firms located in the Euro area, I investigate the determinants of capital structure choices. In line with the traditional theoretical approach, I use a market-value measure of leverage, estimated with the Black-Scholes-Merton model. In the cross-section regressions for firm leverage I find that some variables have similar effects across countries, while others may play a different role; risk, measured as the volatility of the market enterprise value, is the best predictor of observed leverage ratios. Risk, and asymmetric information about risk, make debt less attractive, because of higher expected bankruptcy costs, lower expected debt tax shield and higher agency costs. National environments are an important determinant of observed ratios; sector of activity is a relevant factor as well. The integration of Euro-area financial markets varies significantly depending on the market segment considered: money and inter-bank markets are highly integrated, corporate bond and equity markets show a clear path of increasing integration, retail banking markets are much less integrated. Fiscal and bankruptcy rules differ across the twelve countries; the economic background varies as well.
Book Synopsis The Euro, Capital Markets, and Dollarization by : Edward B. Flowers
Download or read book The Euro, Capital Markets, and Dollarization written by Edward B. Flowers and published by Rowman & Littlefield. This book was released on 2002 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Describes the economic and capital market results of the institution of the single currency, the euro, in Europe after January 2000. Does it foreshadow increased capital market efficiency and labour migration, huge cross-border mergers and the division of the world into currency blocs?
