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Financial Structure and Macroeconomic Volatility: A Panel Data Analysis
2017
Social Science Research Network
In 2015, the European Commission (EC) launched its action plan for the creation of a European Capital Markets Union. The EC aims to return the European economy to sustainable growth and to enhance its shock-absorbing capacity by reducing the reliance on bank finance and stimulating financial deepening and cross-border integration of Europe's capital markets. Financial diversification and integrated European capital markets are expected to improve risk sharing among households, supporting
doi:10.2139/ssrn.3041214
fatcat:txoukf45enf7tpp4a2e7kghv4q