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- Title
Depth and Breadth in the European Financial Markets.
- Authors
Vojinovic, Borut; Theodoropoulos, Theodore E.
- Abstract
The direct effects of EMU on capital markets comprise standardization and transparency in pricing, the shrinking of the foreign exchange market, the elimination of currency risk, the elimination of currency related investment regulations, and the homogenization of the public bond market and bank refinancing procedures. Some of the effects are relatively straightforward to estimate, others are more elusive. As far as transaction costs are concerned, EMU has had little direct effects up to now, but has clearly made the existing obstacles and inefficiencies more visible, for market participants and policy makers alike. Within Europe, cross-border payments and securities settlement are more expensive, lengthier, riskier, and less standardized than domestic ones. Differences in taxation, legislation, and standards create further well-known obstacles.
- Subjects
INTERNATIONAL economic integration; MONETARY unions; FOREIGN exchange market; MARKETS; CAPITAL market; PRICING
- Publication
Journal of Business & Society, 2005, Vol 18, Issue 1/2, p67
- ISSN
1012-2591
- Publication type
Article