The Euro and European financial markets
AbstractThis study argues that the introduction of the euro would have a more immediate and direct impact on European bond markets than on European banking markets. The single currency would create a single private yield curve in the near term and could also lead to a more integrated government bond market. While the immediate impact of the euro for banking markets would be limited, the switch over time by European corporations from bank debt to bond debt would come on top of the competitive challenge that European banks already face. The need for banks to adjust raises a number of potential issues for public policy in Europe, some of which may have broader international implications.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Bank for International Settlements in its series BIS Working Papers with number 41.
Length: 68 pages
Date of creation: May 1997
Date of revision:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gual, Jordi & Neven, Damien J, 1992. "Deregulation of the European Banking Industry (1980-1991)," CEPR Discussion Papers 703, C.E.P.R. Discussion Papers.
- Jean Dermine, 1996. "European Banking with a Single Currency," Center for Financial Institutions Working Papers 96-54, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Robert N. McCauley, 1997.
"The euro and the dollar,"
BIS Working Papers
50, Bank for International Settlements.
- Barry Eichengreen and Jurgen von Hagen., 1995.
"Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule,"
Center for International and Development Economics Research (CIDER) Working Papers
C95-056, University of California at Berkeley.
- Eichengreen, Barry & von Hagen, Jürgen, 1995. "Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule," CEPR Discussion Papers 1247, C.E.P.R. Discussion Papers.
- Robert N. McCauley & Rama Seth, 1992. "Foreign bank credit to U.S. corporations: the implications of offshore loans," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 52-65.
- Richard Cantor & Frank Packer, 1996.
"Determinants and impacts of sovereign credit ratings,"
9608, Federal Reserve Bank of New York.
- Richard Cantor & Frank Packer, 1996. "Determinants and impact of sovereign credit ratings," Economic Policy Review, Federal Reserve Bank of New York, issue Oct, pages 37-53.
- Steven A. Zimmer & Robert N. McCauley, 1990. "Bank cost of capital and international competition," Quarterly Review, Federal Reserve Bank of New York, issue Win, pages 33-59.
- De Grauwe, Paul, 1996. "Forward Interest Rates as Predictors of EMU," CEPR Discussion Papers 1395, C.E.P.R. Discussion Papers.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Timo Laurmaa).
If references are entirely missing, you can add them using this form.