Arbeitspapier
Regulatory Integration of International Capital Markets
I examine the financial and real effects of regulatory integration of international capital markets using a unique policy plan by the European Union, which creates a common European market for financial services and capital, through, e.g., passporting rights. For identification, I exploit the bilateral and staggered nature of laws that are passed at the European level but are implemented by national governments. Over its implementation, regulatory integration leads to large increases in external financing, investment and employment for publicly listed firms. These results highlight the importance of regulatory integration of international capital markets for firms' financing decisions and real outcomes.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 214
- Classification
-
Wirtschaft
- Subject
-
International law
regulation
integration
passporting rights
capital markets
external finance
real effects
- Event
-
Geistige Schöpfung
- (who)
-
Meier, Jean-Marie
- Event
-
Veröffentlichung
- (who)
-
Oesterreichische Nationalbank (OeNB)
- (where)
-
Vienna
- (when)
-
2017
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Meier, Jean-Marie
- Oesterreichische Nationalbank (OeNB)
Time of origin
- 2017
Other Objects (12)
Bank capital structure, regulatory capital, and securities innovations
The cost of bank regulatory capital
The value of waiting: Russia's integration into the international capital markets
What regulatory policies work for emerging markets?
The international regulatory regime on capital flows
Certainty Equivalent in Capital Markets
New Competition in Telecommunications Markets: Regulatory Pricing Principles
Regulatory, Efficiency, and Management Issues Affecting Rural Financial Markets
Window dressing of regulatory metrics: Evidence from repo markets
Capital Budgeting in Arbitrage-Free Markets
The Politics of Capital Markets Union
Labor markets and capital tax competition
Bank capital structure, regulatory capital, and securities innovations
The cost of bank regulatory capital
The value of waiting: Russia's integration into the international capital markets
What regulatory policies work for emerging markets?
The international regulatory regime on capital flows
Certainty Equivalent in Capital Markets
New Competition in Telecommunications Markets: Regulatory Pricing Principles
Regulatory, Efficiency, and Management Issues Affecting Rural Financial Markets
Window dressing of regulatory metrics: Evidence from repo markets
Capital Budgeting in Arbitrage-Free Markets
The Politics of Capital Markets Union
Labor markets and capital tax competition
Bank capital structure, regulatory capital, and securities innovations
The cost of bank regulatory capital
The value of waiting: Russia's integration into the international capital markets
What regulatory policies work for emerging markets?
The international regulatory regime on capital flows
Certainty Equivalent in Capital Markets
New Competition in Telecommunications Markets: Regulatory Pricing Principles
Regulatory, Efficiency, and Management Issues Affecting Rural Financial Markets
Window dressing of regulatory metrics: Evidence from repo markets
Capital Budgeting in Arbitrage-Free Markets
The Politics of Capital Markets Union