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The Euro and European financial markets

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Author Info
Robert N. McCauley
William R. White

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Abstract

This 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.

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Publisher Info
Paper provided by Bank for International Settlements in its series BIS Working Papers with number 41.

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Length: 68 pages
Date of creation: May 1997
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Handle: RePEc:bis:biswps:41

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  1. Benjamín J Cohen, 2000. "Life at the Top: International Currencies in the 21st Century," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 9-34. [Downloadable!]
  2. Liliane Karlinger, 2002. "The Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro Area," Working Papers 02-35, Bank of Canada. [Downloadable!]
  3. Henrik Müller, 1999. "From dollarisation to euroisation," Intereconomics: Review of European Economic Policy, Springer, vol. 34(6), pages 286-296, November. [Downloadable!] (restricted)
  4. Michael G. Kollo, 2005. "Underwriter competition and gross spreads in the eurobond market," Working Paper Series 550, European Central Bank. [Downloadable!]
  5. Eduardo Levy & Federico Sturzenegger, 2000. "Is EMU a Blueprint for Mercosur?," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 63-99. [Downloadable!]
  6. Richard Portes & Helene Rey, 1998. "The Emergence of the Euro as an International Currency," NBER Working Papers 6424, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Iika Korhonen & Mare Randveer, 2000. "Assessment of the Euro\'s implications for European economic development," Bank of Estonia Working Papers 2000-2, Bank of Estonia, revised 11 Oct 2000. [Downloadable!]
  8. Jean-Pierre DANTHINE & Francesco GIAVAZZI & Ernst-Ludwig VON THADDEN, 2000. "European Financial Markets After EMU: A First Assessment," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 00.03, Université de Lausanne, Faculté des HEC, DEEP, revised May 2000. [Downloadable!]
    Other versions:
  9. Agnes Benassy-Quere & Amina Lahreche-Revil, 1998. "Pegging the CEEC's Currencies to the Euro," Working Papers 1998-04, CEPII research center. [Downloadable!]
  10. Maclennan, Duncan & Muellbauer, John & Stephens, Mark, 1999. "Asymmetries in Housing and Financial Market Institutions and EMU," CEPR Discussion Papers 2062, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  11. Malkamäki , Markku & Topi, Jukka, 1999. "Strategic Challenges for Exchanges and Securities Settlement," Research Discussion Papers 21/1999, Bank of Finland. [Downloadable!]
  12. Agnes Benassy-Quere & Benoit Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center. [Downloadable!]
  13. Sailesh Tanna & Kyriaki Kosmidou & Fotios Pasiouras, 2005. "Determinants of profitability of domestic UK commercial banks: panel evidence from the period 1995-2002," Money Macro and Finance (MMF) Research Group Conference 2005 45, Money Macro and Finance Research Group. [Downloadable!]
  14. Portes, Richard, 2001. "The European Contribution to International Financial Stability," CEPR Discussion Papers 2956, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  15. Jose A. Lopez & Mark M. Spiegel, 2006. "Foreign bank lending and bond underwriting in Japan during the lost decade," Working Paper Series 2006-45, Federal Reserve Bank of San Francisco. [Downloadable!]
  16. Kyriaki Kosmidou & Fotios Pasiouras & Jordan Floropoulos, 2004. "Linking profits to asset-liability management of domestic and foreign banks in the UK," Applied Financial Economics, Taylor and Francis Journals, vol. 14(18), pages 1319-1324, December. [Downloadable!] (restricted)
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