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A shift in London's eurodollar market

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  • Patrick McGuire

Abstract

London's interbank market went through a sectoral shift in recent years. The rate at which banks channel funds back into the interbank market declined sharply following the introduction of the euro and the subsequent contraction in foreign exchange trading. Surplus dollars from the banking sector have been used to finance non-bank borrowers, primarily in the United States, and may reflect the greater role of the London market in financing securities trading in New York.

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File URL: http://www.bis.org/publ/qtrpdf/r_qt0409g.pdf
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File URL: http://www.bis.org/publ/qtrpdf/r_qt0409g.htm
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Bibliographic Info

Article provided by Bank for International Settlements in its journal BIS Quarterly Review.

Volume (Year): (2004)
Issue (Month): (September)
Pages:

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Handle: RePEc:bis:bisqtr:0409g

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  1. McKinnon, Ronald I., 1979. "Money in International Exchange: The Convertible Currency System," OUP Catalogue, Oxford University Press, number 9780195024098.
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Cited by:
  1. Philip R. Lane & Gian Maria Milesi-Ferretti, 2009. "Where did all the borrowing go? A forensic analysis of the U.S. external position," NBER Chapters, in: Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR National Bureau of Economic Research, Inc.
  2. Patrick McGuire & Nikola Tarashev, 2006. "Tracking international bank flows," BIS Quarterly Review, Bank for International Settlements, December.

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