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Financial markets in Euroland differ from those of a national monetary union in two regards. First, capital markets in general and banking markets in particular show a greater degree of segmentation than national financial markets as a result of information costs and regulatory barriers to full...
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Pecking order models of international finance suggest that countries should become less reliant on international bank … paper presents a simple model on the choice between bank debt and bond finance which builds on Rajan (1992), and it uses two … new datasets to test the implications, focusing on bilateral cross-border bank claims and bond holdings. We find support …
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The paper studies the link between the integration of European financial markets and corporate governance in Europe. The focus of the paper is on how integration affects the interplay of ownership structures, capital structures, and monitoring, all of which can be used to govern agency problems...
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