"Integration of European Stock Markets"
|Author:||PhDr. Hana Bartůňková|
|Year:||2006 - summer|
|Leaders:|| † prof. Ing. Michal Mejstřík CSc.
|Consultants:|| prof. Ing. Oldřich Dědek CSc.
|Work type:|| Doctoral
|Awards and prizes:|
|Abstract:||This thesis deals with the issue of integration of stock markets in the European Union.
Theoretical background explaining the importance of developed stock market for the
economy and the benefits of stock market integration is followed by the analyses of
integration barriers: legislative framework of European stock markets, high costs of
cross-border trading and currency risk. It is shown that the current legislative process is
able to create integrated European stock market, even if the problems concerning
coordination of regulation and enforcement of the directives continue. High costs of
cross-border trading remain an important barrier of stock market integration as well as
the currency risk. Nevertheless this thesis verifies the hypothesis of forthcoming
integration of European stock markets.