The Capital Markets Union (CMU) – an initiative of the European Commission – aims to unify and deepen capital markets across EU Member States by removing existing barriers to cross-border investment and, in particular, harmonizing financial and business regulations. However, harmonizing...

Integrated capital markets could smooth a large share of country-specific consumption and income fluctuations. Equity capital play an important role in the process. Insolvency regulations are a key factor for stronger equity market integration. Uniform European insolvency regulations are...

This paper introduces a new global database and a policy classification framework that records the financial sector policy response to the COVID-19 pandemic across 154 jurisdictions. It documents that authorities around the world have taken a diverse array of measures to mitigate financial...