Universal vs. Specialized Banks

A Steinherr

Working Papers from American Institute for Contemporary German Studies-

Abstract: EMU is expected to foster the emergence of a European capital market and this is arguably one of the most significant gains of monetary union. On the European continent at least, capital markets are still underdeveloped and financial markets are, therefore, bank-dominated. The rise of a large and more efficient capital market changes the competitive position of banks by accelerating disintermediation.

Keywords: EUROPE; MONETARY UNION; BANKS (search for similar items in EconPapers)
JEL-codes: G21 F33 (search for similar items in EconPapers)
Date: 1996

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