Research Project

European capital markets and macroeconomic stability: The role of equity and debt

Department(s)/ Research Infrastructure
Project Status
Current Project
Project Duration
since/from 2017 to 2020
Funded by
Leibniz Association, Leibniz Competition 2017
Project Manager
Dr. Franziska Bremus
Project Team/Contacts at DIW Berlin



European regulators and policy makers face the challenge to create stable and resilient capital market structures. After initiating the Banking Union, the goal is to also achieve deeper and better integrated capital markets in the realm of a European Capital Markets Union. Using both macroeconomic and more granular data, in this project we will analyze barriers to capital market integration, European capital market structures, and potentials for improved market-based risk sharing with a focus on the different roles of debt and equity markets. The project results aim at contributing to the debate about how to design European capital market structures that promote macroeconomic stability.

European Capital Markets Website


Diskussionspapiere/ Discussion Papers (2018)

Interactions between Regulatory and Corporate Taxes: How Is Bank Leverage Affected?

Franziska Bremus, Kirsten Schmidt, Lena Tonzer
Aufsätze referiert extern - ISI (2018)

Reduced Cross-Border Lending and Financing Costs of SMEs

Franziska Bremus, Katja Neugebauer
DIW Roundup (2017)

Capital Market Integration and Macroeconomic Stability

Franziska Bremus, Ruth Stelten
DIW Roundup (2016)

Corporate Taxation, Leverage, and Macroeconomic Stability

Franziska Bremus, Jeremias Huber