Capital Markets Union: A Vision for the Long Term

Véron, Nicolas; Wolff, Guntram B.

doi:10.1093/jfr/fjw006

Cited by 61 publications

(33 citation statements)

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“…The study of Veron and Wolff (2015) stresses the long-term perspective of the CMU, which cannot be a short-term cyclical instrument to replace subdued bank lending since financial ecosystems change slowly. Skabic (2016) puts the perspective of the increased capital mobility during the 1990s and 2000s, where the additional push factor was the EU enlargement to the countries of Central and East Europe.…”

Section: Research Results and Discussionmentioning

confidence: 99%

“…The latter is criticized by Kenadjian (2015) stating that "junior IFRS" for SMEs would be counter-productive as it would involve the cost of preparing a second set of financial statements, which will be not enough when the company decides to go public on a regular stock exchange, thus requiring a second conversion. Veron and Wolff (2015) stress the need for IFRS application as well as taxation unification importance since the taxation framework is moving investment flows towards one or another instrument.…”

Section: Unified Accounting Standards and Standardisation Of Issuancementioning

confidence: 99%

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The impact of knowledge management, learning and socio-cultural factors on innovation

Baranova¹

2017

International Scientific Conference "New Challenges of Economic and Business Development – 2017. Digital Economy" : Proceedings

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Section: Research Results and Discussionmentioning

confidence: 99%

Section: Unified Accounting Standards and Standardisation Of Issuancementioning

confidence: 99%

The impact of knowledge management, learning and socio-cultural factors on innovation

Baranova¹

2017

International Scientific Conference "New Challenges of Economic and Business Development – 2017. Digital Economy" : Proceedings

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“…Figure 6: Financial portfolio of households in the EU and US, percentage of total financial assets (Veron andWolff, 2015 based on OECD, 2011) will be created to ease access to information for investors on infrastructure projects.…”

Section: The Capital Markets Unionmentioning

confidence: 99%

“…Economic literature points to the fact that in addition to the short term measures, the CMU's real potential can only be achieved with a long-term structural policy agenda dealing with areas such as more integrated accounting enforcement and supervision of audit firms, better corporate credit information, reliance of financial infrastructure, insolvency law, financial investment taxation, (Veron and Wolff 2015), collection and analysis of capillary data and building a comprehensive realtime European map of risk (Issing and Krahnen, 2009). …”

Section: ) Developing European Private Placements Marketsmentioning

confidence: 99%

Capital Markets Union and Small and Medium-Sized Enterprises (SMEs): A Preliminary Assessment

Schammo

2015

SSRN Journal

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ISBN 978-92-9084-297-2 (printed) Thorsten Beck is professor of banking and finance at Cass Business School in London. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center from 2008 to 2013. Previously he worked in the research department of the World Bank and has also worked as consultant for -among others -the IMF, the European Commission, and the German Development Corporation. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policiesThe Contributors ix are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. His country experience, both in operational and research work, includes Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Mexico, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.Elena Carletti is Professor of Finance at Bocconi University and Scientific Director of the Florence School of Banking and Finance. Before that she was Professor of Economics at the European University Institute, where she held a joint chair in the Economics Department and the Robert Schuman Centre for Advanced Studies. She is also Research Fellow at CEPR, Extramural fellow at TILEC, Fellow at the Center for Financial Studies, at CESifo, at IGIER and at the Wharton Financial Institutions Center. Her main research areas are Financial Intermediation, Financial Crises and Regulation, Competition Policy, and Corporate Governance, and has published numerous articles in leading academic journals, and has coedited various books. She has worked as consultant for the OECD and the World Bank, and she has served in the review panel of the Irish Central Bank and of the Riskbank. She has also been a board member of the Financial Intermediation Research Society and a review panel member for the creation of Financial Market Centres in Stockholm. She is member of the Scientific Committee of Confindustria since 2014 and member of the Advisory Scientific Committee of the European Systemic Risk Board since 2015. She participates regularly in policy debates and roundtables at central banks and international organizations all over Europe and has also organized numerous academic and policy-oriented events.Paolo Colla is Associate Professor of Finance at ...

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“…The Capital Markets Union (CMU) has been described by Mr Juncker as one of three "unions" of the European Union (EU) next to Energy Union and the Digital Single Market [Veron, Wolff 2016]. CMU is currently pursuing as a part of the European Commission's Investment Plan for Europe (EC IPE) that is planned for the period 2015-2017 and focuses on removing obstacles to investment, providing visibility and technical assistance to investment projects and making smarter use of new and existing financial resources.…”

Section: Introductionmentioning

confidence: 99%

THE CAPITAL MARKETS UNION FROM THE PERSPECTIVE OF SMEs FINANCING IN THE EU – EXPECTED BENEFITS, CONSTRAINTS AND RISKS

Waliszewski¹

2017

Financial Sciences

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Summary:The article is devoted to the project the Capital Markets Union (CMU) in the EU from the perspective of financing of the small medium enterprises. The EU Capital Markets Union is an important part of the Investment Plan for Europe of the Chairman Jean-Claude Juncker, and its goal is to effectively stimulate economic growth in the EU by increasing the availability of financing for businesses by the capital market and diversification sources of financing. European households are expected to be more active on the capital market by investing in financial instruments of this market. After the Brexit, there may be some difficulties in achieving the objectives since British capital market is the largest one in the EU. However, Brexit may also be a chance to keep the Union together and acceleration of the capital markets unification process. The author characterizes the problem of access to finance for enterprises from the SME sector in the EU. Then, he focuses on the financial markets and the structure and the effect of the Capital Markets Union in the EU. The article is based on a variety of sources, especially documents of the European Commission concerning the Capital Markets Union as well as literature on corporate finance and capital markets.Keywords: Capital Markets Union, Investment Plan for Europe, household savings, SME financing, market-based financial system model. Streszczenie:Artykuł poświęcony jest projektowi "Unia rynków kapitałowych (CMU) w UE z perspektywy finansowania małych i średnich przedsiębiorstw". Unia rynków kapitałowych jest ważną częścią Planu Inwestycyjnego dla Europy Jean-Claude'a Junckera, a jej celem jest skuteczne stymulowanie wzrostu gospodarczego w UE poprzez zwiększanie dostępności finansowania dla przedsiębiorstw przez rynek kapitałowy i dywersyfikację źródła finansowania. Oczekuje się, że europejskie gospodarstwa domowe będą bardziej aktywne na rynku kapitałowym poprzez inwestowanie w instrumenty finansowe tego rynku. Po Breksicie mogą pojawić się pewne trudności w osiągnięciu celów, ponieważ brytyjski rynek kapitałowy jest największym rynkiem w UE. Ale Brexit może również być szansą na utrzymanie Unii razem The Capital Markets Union from the perspective of SMEs financing in the EU... 103i przyspieszenie procesu unifikacji rynków kapitałowych. Autor charakteryzuje problem dostępu do finansowania dla przedsiębiorstw z sektora MŚP w UE. Następnie koncentruje się na rynkach finansowych oraz strukturze i efekcie unii rynków kapitałowych w UE. Artykuł opiera się na różnych źródłach, w szczególności na dokumentach Komisji Europejskiej dotyczących unii rynków kapitałowych, a także na literaturze dotyczącej finansów przedsię-biorstw i rynków kapitałowych.Słowa kluczowe: unia rynków kapitałowych, Plan Inwestycyjny dla Europy, oszczędności gospdodarstw domowych, finansowanie MŚP, system finansowy oparty na finansowaniu rynkowym.

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Capital Markets Union: A Vision for the Long Term

Cited by 61 publications

References 0 publications

The impact of knowledge management, learning and socio-cultural factors on innovation

The impact of knowledge management, learning and socio-cultural factors on innovation

Capital Markets Union and Small and Medium-Sized Enterprises (SMEs): A Preliminary Assessment

THE CAPITAL MARKETS UNION FROM THE PERSPECTIVE OF SMEs FINANCING IN THE EU – EXPECTED BENEFITS, CONSTRAINTS AND RISKS

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