<abstract xmlns="http://www.w3.org/1999/xhtml"><p>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.</p></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.

Capital Markets Union: Opportunities and Impact on the European Financial Market

Bucharest University of Economic Studies,

Studies in Business and Economics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Capital Markets Union: Opportunities and Impact on the European Financial Market"}

In developing this study we started from challenges and debates that capital markets union project engages, launched by the European Commission during 2015,...

Capital Markets Union: Opportunities and Impact on the European Financial Market

Published Online: Nov 19, 2016

Page range: 140 - 157

DOI: https://doi.org/10.1515/sbe-2016-0028

Keywords
Capital Markets Union, CISS, financial integration, financial market fragmentation, IPO

© 2016 Barbu Teodora Cristina et al., published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Capital Markets Union: Opportunities and Impact on the European Financial Market

Published Online: Nov 19, 2016

Page range: 140 - 157

DOI: https://doi.org/10.1515/sbe-2016-0028

KeywordsCapital Markets Union, CISS, financial integration, financial market fragmentation, IPO

© 2016 Barbu Teodora Cristina et al., published by De Gruyter Open

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Capital Markets Union, CISS, financial integration, financial market fragmentation, IPO