In this paper, I show that the relationship between equity to financial liabilities ratio of Finland, Sweden, Norway, Germany, France, United Kingdom, Spain, Italy, United States and Eurozone and annualized ten-year forward change of total value of equity of the country or corresponding equity market price index is linear and that the ratio has, for most of the countries and indices of this study, high predictive power on the future change of total value of equity or equity market index. I also examine the in-the-sample and out-of-the-sample forecasts of the ratio for every equity market price index and analyze the shape and values of the first integral function of the linear regression line between the ratio and the index.
{"title":"Equity to Financial Liabilities Ratio and Annualized Ten-Year Change of Total Equity or Equity Market Price Index","authors":"Aki Lappalainen","doi":"10.2139/ssrn.3629067","DOIUrl":"https://doi.org/10.2139/ssrn.3629067","url":null,"abstract":"In this paper, I show that the relationship between equity to financial liabilities ratio of Finland, Sweden, Norway, Germany, France, United Kingdom, Spain, Italy, United States and Eurozone and annualized ten-year forward change of total value of equity of the country or corresponding equity market price index is linear and that the ratio has, for most of the countries and indices of this study, high predictive power on the future change of total value of equity or equity market index. I also examine the in-the-sample and out-of-the-sample forecasts of the ratio for every equity market price index and analyze the shape and values of the first integral function of the linear regression line between the ratio and the index.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"509 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134172086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In some circumstances, the classical form of the Holiday Effect, consisting in abnormal returns that occur one trading day before and one trading day after a public holiday, could be replaced by an extended form, in which abnormal returns are found in an enlarged time interval. This paper explores the presence of the classical and the extended form of the Holiday Effect on four indexes of the Euronext capital market: AEX, CAC 40, ISEQ 20 and PSI 20. We perform this investigation for two periods: January 2000 - December 2011 and January 2012 - June 2020. For the first period the results suggest that classical form of the Holiday Effect predominated. Instead, for the second period we found abnormal returns in enlarged time intervals.
{"title":"The Passing from the Classical to the Extended Form of the Holiday Effect on the Euronext","authors":"R. Stefanescu, Ramona Dumitriu","doi":"10.2139/ssrn.3657040","DOIUrl":"https://doi.org/10.2139/ssrn.3657040","url":null,"abstract":"In some circumstances, the classical form of the Holiday Effect, consisting in abnormal returns that occur one trading day before and one trading day after a public holiday, could be replaced by an extended form, in which abnormal returns are found in an enlarged time interval. This paper explores the presence of the classical and the extended form of the Holiday Effect on four indexes of the Euronext capital market: AEX, CAC 40, ISEQ 20 and PSI 20. We perform this investigation for two periods: January 2000 - December 2011 and January 2012 - June 2020. For the first period the results suggest that classical form of the Holiday Effect predominated. Instead, for the second period we found abnormal returns in enlarged time intervals.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116182969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Results of Lappalainen (2020a, 2020b) suggest that total value of equity regresses toward total value of debt over time in the USA. Using methodology similar to Lappalainen (2020a, 2020b), I study if this regression is observable in 26 European countries and in Eurozone. I find that the regression is observable in Eurozone, Czechia, Finland, France, Germany, Ireland, Italy, Netherlands, Sweden and United Kingdom but unobservable in Bulgaria, Cyprus, Estonia, Lithuania, Portugal, Slovenia and Spain. For the remaining countries Austria, Belgium, Greece, Hungary, Latvia, Luxembourg, Malta, Poland, Romania and Slovakia, the results are mixed.
{"title":"On Regression of Total Value of Equity Toward Total Value of Debt in Europe","authors":"Aki Lappalainen","doi":"10.2139/ssrn.3653107","DOIUrl":"https://doi.org/10.2139/ssrn.3653107","url":null,"abstract":"Results of Lappalainen (2020a, 2020b) suggest that total value of equity regresses toward total value of debt over time in the USA. Using methodology similar to Lappalainen (2020a, 2020b), I study if this regression is observable in 26 European countries and in Eurozone. I find that the regression is observable in Eurozone, Czechia, Finland, France, Germany, Ireland, Italy, Netherlands, Sweden and United Kingdom but unobservable in Bulgaria, Cyprus, Estonia, Lithuania, Portugal, Slovenia and Spain. For the remaining countries Austria, Belgium, Greece, Hungary, Latvia, Luxembourg, Malta, Poland, Romania and Slovakia, the results are mixed.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131704844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Repurchase agreements are money market instruments that are used widely and for various purposes due to their simplicity and flexibility. The European repo market is quite concentrated, as 80% of the transactions is conducted be-tween the top 20 banks and 61.9% of the collaterals used in the European repo market are originated in the Eurozone. Especially, for Europe the repo market is more important than ever, as it reached an all-time high of EUR 7,351 billion in June 2018. Even though the repo market is quite extensive and important, with respect to repos, there has no literature been found, which deals with the disclosure requirements of IFRS 7 in the European banking industry so far. How disproportionate the attention paid to repos is, becomes apparent by examining the financial statement of one German bank. It was noticed, that the information provided on repos was not too extensive, even though repos ac-counted for approximately 39% of the bank’s total assets. The example of Lehman Brothers shows how important it is to formulate appropriate accounting standards that actually reflect the true nature of transactions. The extent of the financial crisis of 2007-2008 may have been reduced, if their troubled situation would have been disclosed honestly in the first place. As the mandatory requirements of IFRS 7 should ensure, that sufficient and decision-useful information to enable users of financial statements to under-stand the risks arising from repos is disclosed, the first step is to review, if the mandatory requirements are fulfilled. 38 IFRS 7 criteria were derived from these mandatory requirements. Besides these mandatory criteria, some supplementary information was gathered. The sample which was examined within this empirical analysis consists of 66 banks from 19 European countries. It will be shown from the 5-year averages that European banks only complied on average with 54%, i.e. only slightly more than half of the mandatory disclosure requirements of IFRS 7, which apply to repos.
{"title":"Repo and Reverse Repo Activity of European Banks – Market Activity, Accounting and Disclosure","authors":"Edgar Loew, Annika Patricia Michelle Riegel","doi":"10.2139/ssrn.3650388","DOIUrl":"https://doi.org/10.2139/ssrn.3650388","url":null,"abstract":"Repurchase agreements are money market instruments that are used widely and for various purposes due to their simplicity and flexibility. The European repo market is quite concentrated, as 80% of the transactions is conducted be-tween the top 20 banks and 61.9% of the collaterals used in the European repo market are originated in the Eurozone. Especially, for Europe the repo market is more important than ever, as it reached an all-time high of EUR 7,351 billion in June 2018. Even though the repo market is quite extensive and important, with respect to repos, there has no literature been found, which deals with the disclosure requirements of IFRS 7 in the European banking industry so far. \u0000 \u0000How disproportionate the attention paid to repos is, becomes apparent by examining the financial statement of one German bank. It was noticed, that the information provided on repos was not too extensive, even though repos ac-counted for approximately 39% of the bank’s total assets. The example of Lehman Brothers shows how important it is to formulate appropriate accounting standards that actually reflect the true nature of transactions. The extent of the financial crisis of 2007-2008 may have been reduced, if their troubled situation would have been disclosed honestly in the first place. \u0000 \u0000As the mandatory requirements of IFRS 7 should ensure, that sufficient and decision-useful information to enable users of financial statements to under-stand the risks arising from repos is disclosed, the first step is to review, if the mandatory requirements are fulfilled. 38 IFRS 7 criteria were derived from these mandatory requirements. Besides these mandatory criteria, some supplementary information was gathered. The sample which was examined within this empirical analysis consists of 66 banks from 19 European countries. It will be shown from the 5-year averages that European banks only complied on average with 54%, i.e. only slightly more than half of the mandatory disclosure requirements of IFRS 7, which apply to repos.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122269135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
V. Acharya, Maximilian Jager, Sascha Steffen, L. Steinruecke
We analyze government interventions in the eurozone banking sector during the 2008–2009 financial crisis. Using a novel data set, we document that fiscally constrained governments “kicked the can down the road” by providing banks with guarantees instead of fully-fledged recapitalizations. We econometrically address the endogeneity associated with bailout decisions in identifying their consequences. We find that forbearance prompted undercapitalized banks to shift their assets from loans to risky sovereign debt and engage in zombie lending, resulting in weaker credit supply, elevated risk in the banking sector, and, eventually, a greater reliance on liquidity support from the European Central Bank.
{"title":"Kicking the Can Down the Road: Government Interventions in the European Banking Sector","authors":"V. Acharya, Maximilian Jager, Sascha Steffen, L. Steinruecke","doi":"10.3386/W27537","DOIUrl":"https://doi.org/10.3386/W27537","url":null,"abstract":"\u0000 We analyze government interventions in the eurozone banking sector during the 2008–2009 financial crisis. Using a novel data set, we document that fiscally constrained governments “kicked the can down the road” by providing banks with guarantees instead of fully-fledged recapitalizations. We econometrically address the endogeneity associated with bailout decisions in identifying their consequences. We find that forbearance prompted undercapitalized banks to shift their assets from loans to risky sovereign debt and engage in zombie lending, resulting in weaker credit supply, elevated risk in the banking sector, and, eventually, a greater reliance on liquidity support from the European Central Bank.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123951322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates motives of banks to borrow funds from the ECB through its first two series of targeted longer-term refinancing operations (TLTROs) allotted between September 2014 and March 2017. We quantify that the top-three parameters that determine banks’ take-up decisions are the price of the operation, the amount of eligible collateral of the bank, and the composition of that collateral. In particular, the opportunity for banks to transform their less liquid assets partly into liquid central bank reserves by pledging these assets as collateral with the central bank is a strong motive for take-up and suggests that accepting a broad set of collateral was important for the monetary easing provided by TLTROs. In addition, we find that the conditions attached to TLTRO participation and take-up played an important role in creating broad-based participation across banks of different financial strength and size.
{"title":"Who Takes the Ecb's Targeted Funding?","authors":"Olivier Vergote, T. Sugo","doi":"10.2139/ssrn.3644249","DOIUrl":"https://doi.org/10.2139/ssrn.3644249","url":null,"abstract":"This paper investigates motives of banks to borrow funds from the ECB through its first two series of targeted longer-term refinancing operations (TLTROs) allotted between September 2014 and March 2017. We quantify that the top-three parameters that determine banks’ take-up decisions are the price of the operation, the amount of eligible collateral of the bank, and the composition of that collateral. In particular, the opportunity for banks to transform their less liquid assets partly into liquid central bank reserves by pledging these assets as collateral with the central bank is a strong motive for take-up and suggests that accepting a broad set of collateral was important for the monetary easing provided by TLTROs. In addition, we find that the conditions attached to TLTRO participation and take-up played an important role in creating broad-based participation across banks of different financial strength and size.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"178 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132324807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Testing the Efficient Market Hypothesis (EMH) is considered one of the center points of modern financial economics. This research seeks to test the weak-form market efficiency of the Dhaka Stock Exchange (DSE) after the introduction of new indices from 2013 using DSE Broad Index (DSEX), DSE Shariah Index (DSES) and DSE selected 30 Index (DS30). Besides the primary objective of testing whether the Dhaka Stock Exchange (DSE) market shows efficiency in weak form or not i.e. market follows a random walk model or not after the introduction of new indices from 2013, this paper also widens its analysis on to test the impact of institutional factors in analyzing the volatility in the market and in exploring the relationship between risk and return.
{"title":"“Is Dhaka Stock Exchange (DSE) efficient in weak form after introducing new indices from 2013?”","authors":"Md Khaled Hossain Rafi","doi":"10.2139/ssrn.3764082","DOIUrl":"https://doi.org/10.2139/ssrn.3764082","url":null,"abstract":"Testing the Efficient Market Hypothesis (EMH) is considered one of the center points of modern financial economics. This research seeks to test the weak-form market efficiency of the Dhaka Stock Exchange (DSE) after the introduction of new indices from 2013 using DSE Broad Index (DSEX), DSE Shariah Index (DSES) and DSE selected 30 Index (DS30). Besides the primary objective of testing whether the Dhaka Stock Exchange (DSE) market shows efficiency in weak form or not i.e. market follows a random walk model or not after the introduction of new indices from 2013, this paper also widens its analysis on to test the impact of institutional factors in analyzing the volatility in the market and in exploring the relationship between risk and return.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133151911","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using novel measures of politics-policy uncertainty we document predictable variation in stock market returns across countries. Country characteristics and existing global and local risk factors do not account for such predictability, leading to large abnormal returns, up to 15% per annum. We identify a global political risk factor (P-factor) commanding a risk premium of 11% per annum. Countries with high politics-policy uncertainty covary positively with the P-factor, thus earning higher average returns. Augmenting the global market portfolio with the P-factor significantly reduces pricing errors and improves cross-sectional fit. Politics-policy uncertainty affects returns through both cash flow and discount rate channels.
{"title":"Global Political Risk and International Stock Returns","authors":"V. Gala, G. Pagliardi, S. Zenios","doi":"10.2139/ssrn.3242300","DOIUrl":"https://doi.org/10.2139/ssrn.3242300","url":null,"abstract":"Using novel measures of politics-policy uncertainty we document predictable variation in stock market returns across countries. Country characteristics and existing global and local risk factors do not account for such predictability, leading to large abnormal returns, up to 15% per annum. We identify a global political risk factor (P-factor) commanding a risk premium of 11% per annum. Countries with high politics-policy uncertainty covary positively with the P-factor, thus earning higher average returns. Augmenting the global market portfolio with the P-factor significantly reduces pricing errors and improves cross-sectional fit. Politics-policy uncertainty affects returns through both cash flow and discount rate channels.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127860006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper attempts to investigate the effects of Coronavirus spread on the European stock markets. Coronavirus spread has been measured by cumulative cases, new cases, cumulative deaths and new deaths, while abnormal return of stock market is measured according to market model. This has been applied on stock markets of Belgium, France, Germany, Italy, Netherlands Spain and UK, on daily basis during the period from Febreuary15, 2020 till May 24, 2020.
Results have NOT supported these anticipated effects using panel analysis according to GMM technique, for the whole research period. After splitting the research period into 7 sub-periods (2-weeks each), results indicate that abnormal return of stock market seems to be sensitive to Coronavirus cases more than deaths, and to Coronavirus cumulative indicators more than new ones.
Results provide that stock markets have reacted negatively to Coronavirus spread, where all of the 4 indicators seem to affect abnormal return of stock markets during the first and second period. Results don’t support any negative effects during the third and fourth periods. Starting from the fifth period, stock markets seem to be influenced negatively by “Relative Cumulative Coronavirus Deaths” (RCCD). Besides, country effect has been investigated, where stock markets of Germany, Netherlands and UK have been affected by Coronavirus spread during the second period. For Belgium, France, Italy and Spain, these effects have been supported during the fourth period.
A robustness check has been conducted using the 4 indicators of Coronavirus spread for each of the 7 periods. This has been applied on the 273 stocks of the 7 countries during the research period (100 days) and supports the effect of Coronavirus spread on abnormal returns of stock markets during the first and second periods. It’s important to pinpoint that this effect has been supported only for “Relative Cumulative Coronavirus Cases” (RCCC). Another robustness check has been conducted using market return instead of abnormal return, and supported this effect.
{"title":"Finance in the Time of Coronavirus during 100 Days of Isolation: The Case of the European Stock Markets","authors":"N. Alber","doi":"10.2139/ssrn.3631517","DOIUrl":"https://doi.org/10.2139/ssrn.3631517","url":null,"abstract":"This paper attempts to investigate the effects of Coronavirus spread on the European stock markets. Coronavirus spread has been measured by cumulative cases, new cases, cumulative deaths and new deaths, while abnormal return of stock market is measured according to market model. This has been applied on stock markets of Belgium, France, Germany, Italy, Netherlands Spain and UK, on daily basis during the period from Febreuary15, 2020 till May 24, 2020.<br><br>Results have NOT supported these anticipated effects using panel analysis according to GMM technique, for the whole research period. After splitting the research period into 7 sub-periods (2-weeks each), results indicate that abnormal return of stock market seems to be sensitive to Coronavirus cases more than deaths, and to Coronavirus cumulative indicators more than new ones. <br><br>Results provide that stock markets have reacted negatively to Coronavirus spread, where all of the 4 indicators seem to affect abnormal return of stock markets during the first and second period. Results don’t support any negative effects during the third and fourth periods. Starting from the fifth period, stock markets seem to be influenced negatively by “Relative Cumulative Coronavirus Deaths” (RCCD). Besides, country effect has been investigated, where stock markets of Germany, Netherlands and UK have been affected by Coronavirus spread during the second period. For Belgium, France, Italy and Spain, these effects have been supported during the fourth period. <br><br>A robustness check has been conducted using the 4 indicators of Coronavirus spread for each of the 7 periods. This has been applied on the 273 stocks of the 7 countries during the research period (100 days) and supports the effect of Coronavirus spread on abnormal returns of stock markets during the first and second periods. It’s important to pinpoint that this effect has been supported only for “Relative Cumulative Coronavirus Cases” (RCCC). Another robustness check has been conducted using market return instead of abnormal return, and supported this effect. <br><br>","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125461327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
An important policy discussion on joining the banking union is currently taking place in Denmark and Sweden. In this article we review the pros and cons of joining. The main rationale for joining the banking union is the importance of cross-border banking in the EU internal market. Reviewing the banking systems, we find that banks in Denmark and Sweden have the same cross-border characteristics as those in the euro area countries, suggesting a similar rationale for joining the banking union. Moreover, both countries have large banks which may be too big to save at country level, but not at the banking union level. Nevertheless, there are some governance concerns. While euro area countries have an automatic and full say in all banking union arrangements, the non-euro area countries (the ‘out’ countries) lack certain formal powers in ultimate decision-making; however, we find that this may be less of a problem in practice. If necessary, the ‘out’ countries would have the ‘nuclear option’ of leaving the banking union.
{"title":"Should Denmark and Sweden Join the Banking Union?","authors":"Svend E. Hougaard Jensen, D. Schoenmaker","doi":"10.1093/jfr/fjaa005","DOIUrl":"https://doi.org/10.1093/jfr/fjaa005","url":null,"abstract":"\u0000 An important policy discussion on joining the banking union is currently taking place in Denmark and Sweden. In this article we review the pros and cons of joining. The main rationale for joining the banking union is the importance of cross-border banking in the EU internal market. Reviewing the banking systems, we find that banks in Denmark and Sweden have the same cross-border characteristics as those in the euro area countries, suggesting a similar rationale for joining the banking union. Moreover, both countries have large banks which may be too big to save at country level, but not at the banking union level. Nevertheless, there are some governance concerns. While euro area countries have an automatic and full say in all banking union arrangements, the non-euro area countries (the ‘out’ countries) lack certain formal powers in ultimate decision-making; however, we find that this may be less of a problem in practice. If necessary, the ‘out’ countries would have the ‘nuclear option’ of leaving the banking union.","PeriodicalId":233958,"journal":{"name":"European Finance eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132473853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：