Cover IMF Working Papers
European Monetary Union and International Capital Markets: Structural Implications and Risks
Author: Mr. Garry J. Schinasi and Mr. Alessandro Prati
Series:
IMF Working Papers
Volume/Issue:
Volume 1997: Issue 062
Language:
English
Publication Date:
01 May 1997
DOI:
https://doi.org/10.5089/9781451848250.001
ISBN:
9781451848250
ISSN:
1018-5941
Pages:
61
Keywords:
WP; U.S. dollar; treasury bill; institutional investor; interbank market; monetary policy; reserve currency; Euro; EMU; Capital Markets; Capital Flows; single currency; deutsche mark; government bond; pound sterling; Italian lira; repo market; credit risk; EU financial market legislation; Securities markets; Currencies; Stock markets; Competition; Europe; North America; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund