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NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING

Year 2012, Volume: 4 Issue: 2, 81 - 90, 01.12.2012

Jan Mačí Markéta Bartoňová

Abstract

Financial sector has been coming through the significantly turbulent period due to
the financial crisis in 2008 to 2010 and following debt crisis in the European
Monetary Union. These periods might be generally called as financial crises
which may have many causes. Crises may be caused by a failure of investments,
deposits and credits, etc. The above mentioned situations have definite influence
on business financing. Generally speaking we can state that the enterprises have
worsened access to external finance at the time of these crises. That is why macro
and micro prudential regulatory measures attempt to eliminate especially
information asymmetries and moral hazard among investors and issuers
(borrowers) and thus contribute to the overall stability of the financial system.
The article focuses on the institutions established in response to the financial crisis
of 2008-2010 in the European Union (e.g. European Systemic Risk Board –
ESRB, European System of Financial Supervisors – ESFS). And it aims to assess
contribution of these institutions to stabilizing the financial sector.

Keywords

financial crisis market regulation European Union business financing capital market

References

  • De Nicolò, Gianni et al (2012), “Externalities and macroprudential policy” IMF staff discussion note. Washington D.C.: International Monetary Fund.
  • ESMA (2011), Frequently asked questions. A Guide to Understanding ESMA. http://www.esma.europa.eu/system/files/2011_009.pdf, [Accessed 13.7.2012]
  • Hrstková, Julie (2012), „Bez rizika, bez zisku“, Hospodářské noviny, No. 126, pp. iDNES.cz, Klaus (2012), Volby krizi nevyřeší. Řekové ji nezavinili, jsou obětí, řekl
  • Klaus, http://ekonomika.idnes.cz/klaus-si-mysli-ze-vysledek-voleb-krizi-nevyresi- fty-/eko_euro.aspx?c=A120617_133818_eko_euro_fih, , [Accessed 17.6.2012] iDNES.cz, Špačková (2012), Investoři ztrácejí nervy. Namísto bankám půjčují státům, ale se ztrátou, http://ekonomika.idnes.cz/investori-jsou-nervozni- nakupuji-se-ztratou-far-/eko-zahranicni.aspx?c=A120713_140034_test_spi, Accessed 13.7.2012]
  • International Monetary Fund, Pradhan (2012), IMF Calls on Eurozone to Take
  • Determined Action in Response to Crisis, http://www.imf.org/external/pubs/ft/survey/so/2012/INT071812A.htm, [Accessed 6.2012]
  • Kain, Petr (2012), “Pokračující evropská dluhová krize odrazuje firmy od vstupu na burzu“, Hospodářské noviny, No. 130, pp. 19.
  • Lin, Justin Yifu and Treichel, Volker (2012), “The Crisis in the Euro Zone. Did the Euro Contribute to the Evolution of the Crisis?” World Bank Policy Research
  • Working Paper 6127. Washington D.C.: World Bank.
  • Mach, Miloš (2002), Makroekonomie. Pokročilejší analýza. Slaný: Melandrium. pp. 38.
  • Mundell, Robert (1961), “A Theory of Optimum Currency Area“ American
  • Economic Review, Vol. 51, No. 4, pp. 657–665. Skalková, Olga (2012), “Malé firmy nechtějí riskovat a investují hlavně z şspor“,
  • Hospodářské noviny, No. 126, pp. 16. Stiglitz, Joseph Eugene (2002), Globalization and its discontents. New York: W. W. Norton & Company.
  • Tobin, James (1958), “Liquidity Preference as Behaviour Towards Risk” Review of Economic Studies, Vol. 25, No. 2, pp. 65-86.

Year 2012, Volume: 4 Issue: 2, 81 - 90, 01.12.2012

Jan Mačí Markéta Bartoňová

Abstract

References

  • De Nicolò, Gianni et al (2012), “Externalities and macroprudential policy” IMF staff discussion note. Washington D.C.: International Monetary Fund.
  • ESMA (2011), Frequently asked questions. A Guide to Understanding ESMA. http://www.esma.europa.eu/system/files/2011_009.pdf, [Accessed 13.7.2012]
  • Hrstková, Julie (2012), „Bez rizika, bez zisku“, Hospodářské noviny, No. 126, pp. iDNES.cz, Klaus (2012), Volby krizi nevyřeší. Řekové ji nezavinili, jsou obětí, řekl
  • Klaus, http://ekonomika.idnes.cz/klaus-si-mysli-ze-vysledek-voleb-krizi-nevyresi- fty-/eko_euro.aspx?c=A120617_133818_eko_euro_fih, , [Accessed 17.6.2012] iDNES.cz, Špačková (2012), Investoři ztrácejí nervy. Namísto bankám půjčují státům, ale se ztrátou, http://ekonomika.idnes.cz/investori-jsou-nervozni- nakupuji-se-ztratou-far-/eko-zahranicni.aspx?c=A120713_140034_test_spi, Accessed 13.7.2012]
  • International Monetary Fund, Pradhan (2012), IMF Calls on Eurozone to Take
  • Determined Action in Response to Crisis, http://www.imf.org/external/pubs/ft/survey/so/2012/INT071812A.htm, [Accessed 6.2012]
  • Kain, Petr (2012), “Pokračující evropská dluhová krize odrazuje firmy od vstupu na burzu“, Hospodářské noviny, No. 130, pp. 19.
  • Lin, Justin Yifu and Treichel, Volker (2012), “The Crisis in the Euro Zone. Did the Euro Contribute to the Evolution of the Crisis?” World Bank Policy Research
  • Working Paper 6127. Washington D.C.: World Bank.
  • Mach, Miloš (2002), Makroekonomie. Pokročilejší analýza. Slaný: Melandrium. pp. 38.
  • Mundell, Robert (1961), “A Theory of Optimum Currency Area“ American
  • Economic Review, Vol. 51, No. 4, pp. 657–665. Skalková, Olga (2012), “Malé firmy nechtějí riskovat a investují hlavně z şspor“,
  • Hospodářské noviny, No. 126, pp. 16. Stiglitz, Joseph Eugene (2002), Globalization and its discontents. New York: W. W. Norton & Company.
  • Tobin, James (1958), “Liquidity Preference as Behaviour Towards Risk” Review of Economic Studies, Vol. 25, No. 2, pp. 65-86.
There are 14 citations in total.

Details

Other ID JA87EC99ZC
Journal Section Articles
Authors

Jan Mačí This is me

Markéta Bartoňová This is me

Publication Date December 1, 2012
Published in Issue Year 2012 Volume: 4 Issue: 2

Cite

APA Mačí, J., & Bartoňová, M. (2012). NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING. International Journal of Business and Management Studies, 4(2), 81-90.
AMA Mačí J, Bartoňová M. NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING. IJBMS. December 2012;4(2):81-90.
Chicago Mačí, Jan, and Markéta Bartoňová. “NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING”. International Journal of Business and Management Studies 4, no. 2 (December 2012): 81-90.
EndNote Mačí J, Bartoňová M (December 1, 2012) NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING. International Journal of Business and Management Studies 4 2 81–90.
IEEE J. Mačí and M. Bartoňová, “NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING”, IJBMS, vol. 4, no. 2, pp. 81–90, 2012.
ISNAD Mačí, Jan - Bartoňová, Markéta. “NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING”. International Journal of Business and Management Studies 4/2 (December 2012), 81-90.
JAMA Mačí J, Bartoňová M. NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING. IJBMS. 2012;4:81–90.
MLA Mačí, Jan and Markéta Bartoňová. “NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING”. International Journal of Business and Management Studies, vol. 4, no. 2, 2012, pp. 81-90.
Vancouver Mačí J, Bartoňová M. NEW REGULATORY MEASURES AND THEIR INFLUENCE ON THE EU CAPITAL MARKET – SOURCES OF BUSINESS FINANCING. IJBMS. 2012;4(2):81-90.