Wagner Eduardo Schuster
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- Tokenisation holds the promise to automate the issuance process for bonds, reduce settlement times and enable more efficient and cheaper processes for conducting transactions. Given the transformative potential of tokenisation and distributed ledger technology (DLT) for capital markets and for the savings and investments union, this article investigates empirically whether the tokenisation of bonds – while still at an early stage – improves bond issuance efficiency and market liquidity. The tokenised bond market is currently still small but has seen an uptick in issuance over the past two years. To overcome the challenge presented by the limited availability of data on tokenisation, we construct a unique dataset for our analysis, primarily composed of financial and non-financial corporate bonds issued predominantly in Europe. Employing a matching procedure at the issuer-bond level, we ensure that tokenised and conventional bonds are comparable before assessing whether tokenisation has the potential to boost issuance efficiency, for example by automating processes, and to improve market liquidity by lowering entry and transaction barriers. We find that tokenised bonds reduce borrowing costs and improve market liquidity, but with no visible reduction in operational costs (all relative to the group of matched conventional bonds). Given that the market is still in its infancy, our results indicate that there may be greater benefits as the market grows. However, the future impact of tokenisation and the realisation of its potential benefits in terms of efficiency and liquidity will hinge on the underlying infrastructure and the possibility for the market to scale. Central banks initiatives – such as the Eurosystem’s explorations on the acceptance of DLT-based collateral and initiatives to improve and modernise market infrastructures - serve as key enablers that could support a scaling up of the market.
- JEL Code
- G10 : Financial Economics→General Financial Markets→General
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 23 March 2026
- OCCASIONAL PAPER SERIES - No. 382Details
- Abstract
- This paper provides an overview of analytical work conducted largely in 2025, under their own aegis, by experts from various European central banks and authorities in the field of crypto-asset monitoring and presented at the Crypto-Asset Monitoring Expert Group (CAMEG) 2025 Conference. Currently, risks stemming from crypto-assets and the potential implications for central banking and relevant authorities’ domains remain limited and/or manageable, also given the existing regulatory and oversight frameworks. Nevertheless, the importance of monitoring developments in crypto-assets, raising awareness of the potential risks and fostering analytical preparedness cannot be overstated. This paper offers a brief background of the 2025 activities of CAMEG, which brings together experts from the European System of Central Banks and the European Banking Authority. It also provides abstracts from various CAMEG and non-CAMEG papers and other analytical works presented at the conference held on 30 and 31 October 2025. The conference aimed to take stock of analytical work and data issues in the area of crypto-assets, while fostering European collaboration and monitoring in this field. Finally, this paper outlines the prospective way forward for CAMEG, focusing on gaining greater insight into data and deepening analytical work on interlinkages, crypto-asset adoption and the latest trends.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 6 August 2025
- OCCASIONAL PAPER SERIES - No. 373Details
- Abstract
- The European Union (EU) economy depends heavily on bank funding. For this reason, strengthening EU equity markets as an alternative funding source has been a policy priority under the Capital Markets Union (CMU) agenda, and more recently a key feature of the Savings and Investment Union (SIU). EU listed equity markets are smaller and structurally different from those in the United States (US), with differing market capitalisations of listed firms and differences in the number of companies listed, stemming from lower initial public offering (IPO) activity in Europe. This paper aims to understand the drivers behind the EU-US listing gap, focusing on two aspects: (1) the general firm-level benefits of listing, and (2) whether pre-listing financing opportunities in the EU are underdeveloped, hindering firm growth and ultimately market depth. This paper first puts forward an empirical analysis to assess how a firm’s decision to list impacts various key performance indicators, with a view to assessing the implications of listing for the economy at large. Second, it zooms in on innovative firms to shed light on the primary challenges faced by EU startups in their funding pipelines, with a focus on late-stage equity financing and venture capital (VC) markets. Focusing on the euro area (EA) as a proxy to derive broader benefits of listing in the EU, we find that EA companies’ key profitability measures, employment, innovation capacity and productivity all increase after listing – and are thus indicative of wider economic benefits. This is, however, associated with challenges for the long-term investment strategies of listed companies, such as potential short-termism – a topic widely studied in the literature. Moreover, a comparison with the US suggests that, while the benefits and risks of listing are qualitatively similar on the other side of the Atlantic, EA companies seem to benefit somewhat less from listing than their US peers. […]
- JEL Code
- G10 : Financial Economics→General Financial Markets→General
G30 : Financial Economics→Corporate Finance and Governance→General
L10 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→General
L50 : Industrial Organization→Regulation and Industrial Policy→General
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
L21 : Industrial Organization→Firm Objectives, Organization, and Behavior→Business Objectives of the Firm
L25 : Industrial Organization→Firm Objectives, Organization, and Behavior→Firm Performance: Size, Diversification, and Scope