Die Finanzmärkte und der Euro
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Studienarbeit aus dem Jahr 2007 im Fachbereich VWL - Geldtheorie, Geldpolitik, Note: 1,0, Universit�t Kassel (Institut f�r Volkswirtschaftslehre), Veranstaltung: Die Europ�ische Wirtschafts- und W�hrungsunion, Sprache: Deutsch, Abstract: Mit der Einf�hrung einer gemeinsamen W�hrung im Jahre 1999 verfolgten die einzelnen europ�ischen Staaten nicht nur das Ziel, die innereurop�ischen Handelsaktivit�ten zu erh�hen, sondern auch einen einheitlichen, effizienten europ�ischen Finanzmarkt aufzubauen. Die Vorteile einer einheitlichen W�hrung liegen vor allem in der Beseitigung von Wechselkursrisiken, dem Wegfall von Umtauschkosten sowie in der Schaffung gro er und liquider Finanzm�rkte. Gerade der letzte Punkt ist f�r die Attraktivit�t eines Finanzplatzes von entscheidender Bedeutung, da unterschiedlichste Finanzmarktinstrumente nur an gro en M�rkten angeboten und zu vern�nftigen Kursen gekauft oder verkauft werden k�nnen. Des Weiteren k�nnte ein offener europaweiter Bankenmarkt daf�r sorgen, dass zum einen durch Konzentrationsprozesse die Stabilit�t des Bankensystems erh�ht wird und zum anderen Skaleneffekte sowie ein verst�rkter Wettbewerb zu g�nstigeren Preisen f�r Dienstleistungen f�hren. Vor Einf�hrung des Euro war vor allem die geringe Gr� e der einzelnen europ�ischen W�hrungsr�ume ein wesentlicher Wettbewerbsnachteil gegen�ber den USA. So konnten bestimmte Finanzmarktinstrumente entweder gar nicht oder nur zu ung�nstigen Bedingungen f�r den Emittenten platziert werden, da die Nachfrage solcher Wertpapiere in der jeweiligen W�hrung einfach zu gering war. Zugleich neigten private als auch institutionelle Investoren dazu, ihr Portfolio aufgrund des W�hrungsrisikos international nur schwach zu diversifizieren. Sie legten das zur Verf�gung stehende Kapital vorzugsweise im Inland an, wodurch eine gewisse Anf�lligkeit f�r lokale Schocks bestand. Ziel dieser Seminararbeit ist es, den Nutzen und die Auswirkungen der W�hrungsunion auf die europ�ischen Finanzm�rkte seit deren
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