摘要
自欧元引入以来,欧盟金融一体化取得了令人瞩目的成就,然而作为金融市场的重要组成部分,债券市场在一体化建设中仍面临诸多问题。纵观欧盟债券市场一体化进程,其中既存在欧元单一货币引入、债券市场金融效率提高、银行信贷替代性下降等因素的推动促进,亦有异质性经济结构易受不对称冲击、话语权差异影响政策独立性、政治分割下债券市场制度的国别差异明显、金融基础设施面临较大风险、欧盟内部政治不确定性日趋上升、外部市场环境冲击等障碍的限制。展望前景,欧盟债券市场发展仍存在难以克服的结构性问题,进一步建成高度一体化的债券市场仍需各方的诸多努力。
Since the launch of the Euro,the EU’s financial integration has made remarkable achievements.However,as an important part of the financial market,the bond market still faces many problems in the integration.Throughout the process,there are promoting factors,such as the launch of single currency—the Euro,the increasing financial efficiency in the bond market and the decreasing substitutability of bank credit.There are also obstacles restricting the integration,such as the heterogeneous economic structure being vulnerable to asymmetric shocks,the difference in discourse power affecting policy independence,the obvious national differences in bond market regulations under political division,the financial infrastructure facing risks,the rising political uncertainty within the EU,and the impact of external market environment.Looking forward,there are still structural problems difficult to overcome in the development of the EU bond market.Building a highly integrated bond market still requires many efforts from all parties.
作者
丁纯
强皓凡
孙逸修
DING Chun;QIANG Haofan;SUN Yixiu(Institute of World Economy, Fudan University, Shanghai 200433, China)
出处
《同济大学学报（社会科学版）》
CSSCI
北大核心
2019年第6期52-67,共16页
Journal of Tongji University:Social Science Edition
基金
教育部中外人文交流专项课题“中美贸易摩擦背景下如何紧密对欧合作、用好欧洲科技资源的建议”(项目编号:JFH3246009)
上海教委高校智库内涵建设项目“一带一路与国际产业链和投融资机制”
关键词
欧盟
债券市场
金融一体化
市场监管
European Union
bond market
financial integration
market supervision
