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

May 1, 1997

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Garry J. Schinasi, and Alessandro Prati. European Monetary Union and International Capital Markets: Structural Implications and Risks, (USA: International Monetary Fund, 1997) accessed December 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Capital markets, Competition, Currencies, Financial markets, Money, Securities markets, Stock markets

Keywords: Capital Flows, Capital Markets, Competition, Credit risk, Currencies, Deutsche mark, EMU, EU financial market legislation, Euro, Europe, Global, Government bond, Institutional investor, Interbank market, Italian lira, Monetary policy, North America, Pound sterling, Repo market, Reserve currency, Securities markets, Single currency, Stock markets, Treasury bill, U.S. dollar, WP

Publication Details

Pages:

61
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/062
Stock No:

WPIEA0621997
ISBN:

9781451848250
ISSN:

1018-5941

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