Interrelationships of Secondary Equity Markets at Domestic and International Level

Aristeidis G. Samitas

Economic Studies journal, 2004, issue 1, 87-98

Abstract: This paper investigates the effects of stock markets on the process of secondary capital markets (parallel markets) growth in some European Union countries. If European secondary stock markets have become more integrated with one another and with world capital markets, we would expect to see them play a fundamental role in the development of the European financial sector and promote economic growth. More integrated and liquid European parallel equity markets make investment less risky and more easily accessible because they allow investors to acquire equity and sell it quickly and cheaply as soon as they need immediate access to their savings. At the same time companies enjoy permanent access to capital raised through equity issues. More liquid and deep European stock markets improve resource allocation by facilitating longer-term, more profitable investments and enhance prospects for growth in the wider region of Europe and in every member-country, including Greece.

JEL-codes: C12 G15 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2004:i:1:p:87-98

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