ユーロ債券市場 : 通貨統合後における市場の進化と発展

概要

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The introduction of the euro has triggered a new growth of European capital market, evidenced by, in particular, the rapid expansion of euro-denominated bond markets in the euro and non-euro area countries and markets, outstanding amount of which has been largest in the international bond market since 2003. This success, in terms of volume at least, is derived by various factors including developments in financial and information technologies, legal and regulatory harmonization among euro area/EU countries, while there still remains much fragmentation in the micro-structure of the Euro Bond Market geographically and segmentally. This article reviews market developments and evolution of the Euro Bond Market during 1999-2006 to find and understand features and characteristics of the euro-area bond markets in the European capital market's context and to learn implications for future shape of capital markets in Europe.