Liste des publications du Think Tank du PE
Transcription
Liste des publications du Think Tank du PE
Liste des publications du Think Tank du PE http://www.europarl.europa.eu/thinktank Critères de recherche utilisés pour générer la liste : Tri Tri par date Mot-clé "Bourse des valeurs" 5 résultat(s) Date de création : 07-02-2017 Services financiers: principales législations Type de publication Date Auteur Domaine politique Mot-clé Fiches techniques sur l'UE 01-12-2016 Doris KOLASSA Affaires économiques et monétaires | Questions financières et bancaires paiement intra-UE | transaction financière | Bourse des valeurs | établissement de crédit | droit bancaire | compagnie d'assurances | contrôle bancaire | services financiers | besoin de financement Résumé En 1999, la Commission a présenté, dans un plan d'action pour les services financiers (PASF), 42 mesures destinées à mettre en place un marché financier unique fonctionnel. Ces mesures ont harmonisé les réglementations des États membres en ce qui concerne les activités bancaires, le marché des valeurs mobilières, les assurances, les retraites ainsi que divers services financiers. Le PASF fait partie intégrante du programme de Lisbonne, auquel succède la stratégie «Europe 2020», qui couvre également le domaine financier. Publication en BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV Exceptional measures: The Shanghai stock market crash and the future of the Chinese economy Type de publication Date Auteur Domaine politique Mot-clé Analyse approfondie 31-08-2015 Roberto BENDINI Commerce international | Gouvernance mondiale | Affaires étrangères statistique économique | Bourse des valeurs | politique économique | politique financière | situation financière | intervention sur le marché | Chine | intervention financière | situation économique Résumé This summer has been a dramatic one for China's stocks markets, with most indices registering losses of more than 40 % from their annual high. European markets have also suffered, and many observers across the globe are now nervously focused on the Asian giant whose economy drove so many other countries' in recent years. Yet the real economic significance of the drama in China may not stem from its bourses' losses; those who lost money on China's stock market are only a small percentage of its citizens, and many are simply shaving their precipitous profits, rather than facing calamitous losses. A more significant economic outcome may result from the Chinese government's efforts to intervene in its stocks markets. The measures adopted by Beijing since the sell-off began – in some cases, measures that were quickly abandoned – would be unthinkable in a fully market economy. Many measures largely contradict the government's commitments to open and transparent financial exchanges. As the liquidity that a slowing Chinese economy badly requires is frozen, it could be Beijing's heavy-handed involvement in local markets – and not their pared prices – that determines the economic fallout from the summer losses. Publication en EN Swiss decision to discontinue its exchange rate ceiling Type de publication Date Auteur Domaine politique Mot-clé En bref 21-01-2015 Angelos DELIVORIAS Affaires économiques et monétaires | Questions financières et bancaires monnaie internationale | Hongrie | Pologne | ajustement monétaire | Bourse des valeurs | banque centrale | Grèce | Suisse | parité des changes | marché des changes Résumé On 15 January, the Swiss National Bank discontinued its currency ceiling, set at 1.20 Swiss francs to the euro, less than four years after its introduction. The Swiss franc (CHF) appreciated immediately, reaching as much as 0.97 CHF to the euro that day. This currency move has had, and will continue to have, an impact both on the Swiss and the euro area economies: the system that has been in place is described briefly below as well as the consequences of the Bank's decision. Publication en EN Assessment of the Cumulative Impact of Various Regulatory Initiatives on the European Banking Sector Type de publication Étude Date 15-07-2011 Auteur externe Michael SCHRÖDER (Centre for European Economic Research, ZEW GmbH), Jesper RIEDLER (Centre for European Economic Research, ZEW GmbH), Lena JAROSZEK (Centre for European Economic Research, ZEW GmbH) and Gunnar LANG (Centre for European Economic Research, ZEW GmbH) Domaine politique Questions financières et bancaires Mot-clé émission de valeurs | Bourse des valeurs | droit bancaire | marché à terme | garantie de crédit | investissement | contrôle bancaire | services financiers | instrument financier | besoin de financement Résumé In this study we assess the most important current regulatory initiatives for the banking sector to the extent possible and on the basis of existing literature. An extensive overview of relevant considerations regarding each measure is followed by a holistic impact assessment. While a direct impact on the real economy through a change in credit supply by banks is assessed to be small, it is difficult to judge the measures’ overall indirect influence on increasing stability. For this purpose six distinct stability objectives are put forward and the measures’ expected impact on each is assessed in detail. These objectives are: (1) reduction of procyclicality, (2) reduction of misguided incentives, (3) creation of a level playing field, (4) internalisation of social costs, (5) increasing transparency and (6) increasing consumer/investor confidence. According to the survey conducted for this study among German financial market experts, the current state of effective regulation is deemed to be exceptionally insufficient with regard to the first three stability objectives. This study implies that for those objectives the impact of the entirety of regulatory efforts is likely to be most salient, but also most ambiguous. The assessment indicates where the design of effective regulation may be particularly challenging and points out possible detrimental effects on financial stability. Publication en EN 07-02-2017 Source : © Union européenne, 2017 - PE 1 Private Equity and Leveraged Buy-outs Type de publication Date Auteur externe Domaine politique Mot-clé Étude 06-11-2007 Oliver Gottschalg Questions financières et bancaires | Industrie investissement privé | Bourse des valeurs | opération de bourse | valeur mobilière | banque d'investissement | services financiers | société d'investissement Résumé Executive Smmary The present study looks at a range of questions related to the social and economic consequences of private equity/LBO activity raised by the European Parliament. Overall, we find private equity to be a well-functioning, established industry that fulfils a crucial role in our economy by providing corporate financing and governance services for the efficient revitalization of underperforming mature businesses. Through long-term controlling investments, Private Equity Firms trigger predominantly growth-oriented changes in the acquired businesses with a positive impact on their short- and long-term competitiveness. Private Equity activity creates value beyond the pure effect of leverage. Historically, private equity funds have generated annual returns approximating 3% above the performance of broad stock market indices gross-of-fees. However the fee structure of Private Equity Firms is such that institutional investors in their funds are left with an average underperformance of 3% relative to these same broad stock market indices. We find no sign of a negative impact of buyouts on the growth or competitiveness of the sectors in which they occur. Also, there is no empirical support for the claim that Private Equity makes the financial and economic system less stable. Finally, we found no evidence of harmful conflicts of interest between Private Equity Firms and their advisors. Publication en EN 07-02-2017 Source : © Union européenne, 2017 - PE 2