Emissioni obbligazionarie estere sui mercati europei. Obbiettivi, condizioni e forme dell'evoluzione attuale. (Foreign bond issues in European markets)

Abstract

After the presentation of the project to introduce an “interest equalisation tax” in the United States, it has recently been argued that the international market to handle bond issues should be moved to Europe. The present study argues that only by a reorganisation of the markets, a revision of certain directives now being followed in monetary and financial policy, and the introduction of new formulas for bond issues will Europe be able to fulfil the function of an international financial center. The author first touches on some structural problems of the EEC countries’ capital markets. Subsequently, an examination is made of the conditions necessary for establishing closer link between the European markets. Finally, the techniques recently developed for issuing international loans are examined and the means for furthering the evolution now in progress are indicated.

JEL: F30, F36, G15