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