European Monetary Union and International Capital Markets: Structural Implications and Risks

European Monetary Union and International Capital Markets: Structural Implications and Risks
ISBN-10
1451848250
ISBN-13
9781451848250
Category
Business & Economics
Pages
61
Language
English
Published
1997-05-01
Publisher
International Monetary Fund
Authors
Mr.Garry J. Schinasi, Mr.Alessandro Prati

Description

This paper analyzes the structural implications of EMU for international capital markets. It discusses the potential size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities markets, and aspects of systemic risk management. The implications for wholesale and retail banking markets are also discussed, as are the broader implications of the introduction of the euro for changes in international capital flows, international portfolios, and by implication exchange rates.

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