The Impact of the Euro on Money and Bond Markets
The Impact of the Euro on Money and Bond Markets
复制标题
欧元对货币和债券市场的影响
DOI：
10.2139/ssrn.748964
复制
发表时间：
2000
期刊：
影响因子：
--
通讯作者：
C. Thygesen
中科院分区：
文献类型：
--
作者：
Javier Santillan Fraile;M. Bayle;C. Thygesen
本文分析了自欧元问世以来欧元区货币和债券市场及其基础设施。两个市场的不同细分市场在总体上在不同程度上实现了一体化方面的重大发展。然而，在欧洲货币联盟第三阶段第一年之后，仍有进一步整合的空间，特别是债券市场，与美国公司债券市场相比，该市场在流动性、市场完整性和总体规模方面落后。对一体化的障碍进行分析，这些障碍似乎并不专门针对这些市场，而是更普遍地适用于欧元证券基础设施，确定了需要采取进一步行动的领域。这包括（i）缺乏基于DVP的跨境结算，（ii）缺乏回购协议的标准化法律的文件，（iii）缺乏有关结算程序的通用做法，（iv）各国中央银行和银行间业务之间缺乏或协调抵押程序，（v）财政和会计程序的异质性，以及（vi）需要清算所。
The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction of the euro. Significant development in terms of integration took place in both markets in general to a various degree for the different segments. However, there remain room for further integration after the first year of Stage III of EMU notably regarding the bond market which lags behind in terms of liquidity, market completeness and overall size compared to the US corporate bond market. Analysis of the barriers to integration, which do not seem to be specific to these markets but apply more generally to euro securities infrastructure, identifies fields where further action is required. This covers (i) the lack of availability of cross-border settlement on a DVP basis, (ii) the lack of standardised legal documentation for repos, (iii) the lack of common practices concerning settlement procedures, (iv) the lack or harmonisation of collateralisation processes between national central banks and interbank operations, (v) the heterogeneity in fiscal and accounting procedures and, (vi) the need for a clearing house.
DOI：
--
发表时间：
--
期刊：
Monetary Policy by ECB and the Euro(edited by Soko Tanaka, Hisashi Harui, Seiichi Fujita)
影响因子：
--
作者：
山下智志;木原隆夫;川波洋一;Susumu Mitani;Kenji Iwata;Yoichi Kawanami;Yoichi Kawanami;Kenji Iwata
通讯作者：
Kenji Iwata