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Description :
SUMMARY
Experts from economics, finance, law, policy, and banking discuss the design and implementation of a future capital market union in Europe.
The plan for further development of Europe's economic and monetary union foresees the creation of a capital market union (CMU)—a single market for capital in the entire Eurozone. The need for citizens and firms of all European countries to have access to funding, together with the pressure to improve the efficiency and risk-sharing opportunities of the financial system in general, put the CMU among the top priorities on the Eurozone's agenda. In this volume, leading academics in economics, finance, and law, along with policy makers and practitioners, discuss the design and implementation of a future CMU.
Contributors describe the key design challenges of the CMU; specific opportunities and obstacles for reaching the CMU's goals of increasing the economic well-being of households and the profitability and viability of firms; the role that markets—from the latest fintech developments to traditional equity markets—can play in the future success of CMU; and the institutional framework needed for CMU in the aftermath of the global recession.
Contributors Sumit Agarwal, Franklin Allen, Valentina Allotti, Gene Amromin, John Armour, Geert Bekaert, Itzhak Ben-David, Marcello Bianchi, Lorenzo Bini-Smaghi, Claudio Borio, Franziska Bremus, Marina Brogi, Claudia M. Buch, Giacomo Calzolari, Souphala Chomsisengphet, Luca Enriques, Douglas D. Evanoff, Ester Faia, Eilis Ferran, Jeffrey N. Gordon, Michael Haliassos, Campbell R. Harvey, Kathryn Judge, Suzanne Kalss, Valentina Lagasio, Katya Langenbucher, Christian T. Lundblad, Massimo Marchesi, Alexander Michaelides, Stefano Micossi, Emanuel Moench, Mario Nava, Giorgio Barba Navaretti, Giovanna Nicodano, Gianmarco Ottaviano, Marco Pagano, Monica Paiella, Lubos Pastor, Alain Pietrancosta, Richard Portes, Alberto Franco Pozzolo, Stephan Siegel, Wolfe-Georg Ringe, Diego Valiante
Franklin Allen
Franklin Allen is Professor of Finance and Economics and Director of the Brevan Howard Centre at Imperial College, London.
Ester Faia
Ester Faia holds the Chair of Monetary and Fiscal Policy at Goethe University Frankfurt.
Michael Haliassos
Michael Haliassos holds the Chair of Macroeconomics and Finance at Goethe University and is the editor of Financial Innovation: Too Much or Too Little? (MIT Press).
Katja Langenbucher
Katja Langenbucher holds the Chair of Private Law, Corporate and Financial Law at Goethe University and is Affiliated Professor at l'Ecole de Droit de SciencesPo, Paris.
Content :
Foreword ix
I THE CHALLENGES IN DESIGN 1
1. Capital Markets Union: Key Challenges 3
Discussion: Capital Markets Union and Europe’s
Financial Structure 25
2. Capital Markets Union and Cross-Border Risk Sharing 29
3. A Legal Framework for Financial Market Integration:
Resetting the Agenda beyond the Sectoral Single Rulebook
4. Economic and Financial Integration in Europe 69
Discussion: Economic and Financial Integration in Europe 84
5. The Origins of a Capital Markets Union in the United States 89
II THE TARGETS: HOUSEHOLDS AND FIRMS 111
6. Asset and Debt Participation of Households:
Opportunities and Challenges in Eliminating Borders 113
7. Capital Markets Union and Growth Prospects for Small
and Medium-Sized Enterprises 127
9. The Promotion of Small and Medium-Sized Companies
10. Acting as a Catalyst for European Capital Markets Law? 161
9. Recent Initiatives in Favor of Listed and Nonlisted Small
and Medium-Sized Enterprises: A Legal Perspective 173
III THE MARKETS 187
10. The Role of Fintech for the Capital Markets Union 189
Discussion: The Market for Crowd Funding and
Peer-to-Peer Lending 200
11. Equity Crowd Funding: An Acid Test for
Securities Regulation 203
12. Capital Markets Union and Virtual Funding: Initial Coin
Offerings, Tokens, and Digital Corporations 215
13. Equity Markets 227
Discussion: Taxation, the Level Playing Field, and
Equity Markets 242
14. Efforts to Deepen Capital Markets: Lessons from
US Mortgage Defaults in the Global Financial Crisis 245
IV THE INSTITUTIONS AND GOVERNANCE 257
15. The EU Response to the Financial Crisis and the
Economic Recession: The Juncker Plan, the Capital
Markets Union, and the Banking Union 259
Discussion: The EU Response to the Financial Crisis
and the Economic Recession 296
16. The Role and Structure of Banks in the Future Capital
Markets Union 301
Discussion: What Type of Banking System Is Needed to
Accompany the Capital Markets Union? 328
17. Interconnectedness: Shadow Banking and Capital Markets Union 331
18. The Politics of Capital Markets Union: From Brexit to Eurozone 341
Discussion: Keep Calm and Carry on … with Small Steps! 353
19. The Institutions of Europe’s Capital Markets Union 355
Contributors 368
Index 371
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