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economic growth convergence can be also quite useful in analyzing convergent behavior in finance and in particular in capital markets. The implications of such behavior would be important for portfolio selection, spillover effects and diversification strategies for global investors. The prevalent approach to studying convergence in the macro/growth context is to analyze the convergent behavior of two economies (or the lack of it) by examining whether their output gap is stationary with a constant mean, irrespective of whether the individual country’s output is trend

4. References AFME (2015). Bridging the growth gap (file:///C:/Users/AdinaS/Downloads/AFME---Bridging-the-growth-gap---February-2015.pdf), accessed in January 2016 Benoît, Coeuré (2015). What is the Goal of the Capital Markets Union? , ILF conference, Frankfurt am Main: European Central Bank Working Paper, 18 March Bossone, Biagio (2010). Banks and capital markets: A two-way nexus , 18 December, working paper Chartered Financial Analyst (CFA) (2015). Capital Markets Union Survey Report , April ( https://www.cfainstitute.org/Survey/Capital%20Markets%20Union

of Financial Economics , 114 (1), 1-19. DOI: 10.1016/j.jfineco.2014.06.008 Barakat, M.R., Elgazzar, S.H., & Hanafy, K. M. (2016). Impact of Macroeconomic Variables on Stock Markets: Evidence from Emerging Markets. International Journal of Economics and Finance , 8(10), 195-207. DOI: 10.5539/ijef.v8n1p195. BVB (2020). BET index. Retrieved from http://www.bvb.ro/FinancialInstruments/Indices/Overview . Boghean, C. (2014). Features of the capital market’s evolution in Romania in the context of the turbulences produced by the financial crisis. The USV Annals of

(EU) 575/2013 ), which apply respectively to insurers and banks acting as investors in securitisation. It is worth emphasising at this stage that the EU initiative to revive securitisation is part of a broader design, aimed at building a single market for capital (capital markets union (CMU), EU Commission Green Paper 2015 ). This is driven by a long-standing policy goal to create a pan-European securities market centred on the development of disintermediated capital markets products alongside the more traditional intermediated banking ones. It is also clear that

Table of Contents 1 Introduction 2 Background 3 CMU in perspective 3.1 The key claims behind the expansion of market-based channels of finance 3.2 The CMU framework 4 The risks emerging from market-based finance 4.1 Highlighting problems of debt, leverage and liquidity 4.1 Market-based finance and leverage creation 4.3 Debt creation and the leverage cycle 5 The regulation of the securitised banking model under the CMU 5.1 Securitisation under the EU capital markets union 5.2 Repo transactions under the SFT regulation 5.3 The new basel framework 6 Conclusion

Reconstruction of the “Comply or Explain” Principle in EU Capital Markets’, Accounting, Economics and Law: A Convivium, DOI 10.1515/ael-2014-0007 . 2 Duhamel, Jean-Christophe (2015) ‘The “Comply or Explain” Approach as a Pascalian Wager’, Accounting, Economics and Law: A Convivium, DOI 10.1515/ael-2014-0021 . 3 Biondi, Yuri (2015) ‘An Economic Analysis of ‘Comply or Explain Principle’ under a Review Panel Regime’, Accounting, Economics and Law: A Convivium, DOI 10.1515/ael-2014-0025 . 4 Sergakis, Konstantinos (2015) ‘A Rejoinder on Mr. Duhamel’s Commentary’, Accounting

References Anić Antić, P., Ramljak, B. (2010). Korelacija tržišne cijene dionica i uspješnosti poslovanja poduzeća koja kotiraju na tržištu kapitala Republike Hrvatske: Posljedice za proces odlučivanja. Ekonomski pregled. 61 (11), str. 666-682. Benić, V., Franić, I. (2008). Komparativna analiza likvidnosti tržišta kapitala Hrvatske i zemalja regije. Financijska teorija i praksa. 32 (4), str. 481-502. Buljat, M., Ivanović, Z., Baresa, S. (2015). Analysis of the Capital Market in Croatia. UTMS Journal of Economics. 6 (2), pp. 223-232. Čulinović Herc, E. (2009

Topics in Economic Analysis & Policy Volume 1, Issue 1 2001 Article 1 Pension systems in integrated capital markets Alessandra Casarico∗ `∗Universita Bocconi, Milano, Italy, alessandra.casarico@uni-bocconi.it Copyright c©2001 by the authors. All rights reserved. Pension systems in integrated capital markets Alessandra Casarico Abstract The paper studies the effects on factor prices and welfare of the integration in a perfect world capital market of countries that differ in the degree of funding of their pension systems. It focuses on two large economies running

16 Internal Capital Markets Robert Gertner and David Scharfstein 1. Introduction Resource allocation is at the core of economics. Economists mostly concern themselves with resource allocation across organizational boundaries mediated through contracts or markets. Yet a great deal of resource allocation occurs within organizations. Businesses allocate capital and other scarce resources across and within business units, including production capacity, R&D capabilities, physical inputs, and human capital. The most extensive research on internal resource allocation is

4 CAPITAL MARKETS SANCTIONS This is going to be the sanctions wave of the future. —Anonymous U.S. congressional aide Of Markets and Metaphors Approach a medieval European city, and the importance of reli- gious authority is immediately apparent in the cathedral dominating the skyline. In a seventeenth-century city, it is the secular authority that is elevated, literally and metaphorically, through the towering presence of the political palace. In a modern city, it is the power of the commercial sector, and particularly its financial institutions, that is