Generic term for all markets on which long-term loans and equity capital are traded (market in which long-term debt instruments are bought and sold). – In a narrower sense, the capital market refers only to organized trading in securities (stock exchange). The securities market is in turn divided into the bond market (market for debt instruments) and the equity market (market for investments in stock corporations). – Finally, the securities market also includes investment fund certificates. These share certificates, insofar as the investment funds purchase securities for their part, are in fact an indirect form of acquiring debt securities or shares. – See Real estate funds, open, Capital supply, Capital movements, international, Long-term, Interest allocation function. – Cf. Deutsche Bundesbank Monthly Report of July 2007, pp. 51 et seq. (institutional conditions on the capital market in Germany).
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