CAPITAL MARKETS UNION: OPPORTUNITIES AND IMPACT ON THE EUROPEAN FINANCIAL MARKET

Teodora Cristina Barbu and Adina Ionela Străchinaru
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Teodora Cristina Barbu: Bucharest University of Economic Studies, Romania
Adina Ionela Străchinaru: Bucharest University of Economic Studies, Romania

Studies in Business and Economics, 2016, vol. 11, issue 2, 140-157

Abstract: In developing this study we started from challenges and debates that capital markets union project engages, launched by the European Commission during 2015, both in academia and the specialists, regulators and investors. The article is structured in three parts, as follows: in the first part are highlighted theoretical and conceptual issues on the need for a union of capital markets, the second part presents empirical evidence from literature relating to this issue and in the third an econometric model is described, which aims to demonstrate the potential that Capital Markets Union may involve on increasing financing through the capital market. The contribution of this article to prior knowledge in the field consists of filling conceptual approach on the impact that Capital Markets Union will actively engage on the European financial market. The added value by our scientific approach is to highlight the complementarity between capital and banking market. Between IPO dynamics, as a representative indicator of capital market and a significant set of indicators of financial market as Stoxx Europe 600 index, the size of capital markets, changes in credit standards and key rate of the monetary policy of ECB is manifested correlations terms denoting the potential impact that Capital Markets Union will have on European financial markets.

Keywords: Capital Markets Union; CISS; financial integration; financial market fragmentation; IPO (search for similar items in EconPapers)
Date: 2016
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