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European Financial Markets After EMU: A First Assessment

Author

Listed:
  • Jean-Pierre DANTHINE

    (DEEP, Université de Lausanne and CEPR)

  • Francesco Giavazzi

    (Università Bocconi, Milan, and CEPR)

  • Ernst-Ludwig von Thadden

    (DEEP, Université de Lausanne and CEPR)

Abstract

This paper reviews the first evidence on the impact of European Monetary Union on European capital markets, one year after the launch of the single currency. Our assessment of this evidence is very favourable. On almost all counts EMU has either changed the European financial landscape already drastically or has the potential to do so in the future. We argue that this is less due to the well-known direct effects of EMU, such as the elimination of intra- European currency risk, than to a number of indirect consequences through feedback mechanisms that seem to have been triggered by EMU.

Suggested Citation

  • Jean-Pierre DANTHINE & Francesco Giavazzi & Ernst-Ludwig von Thadden, 2000. "European Financial Markets After EMU: A First Assessment," FAME Research Paper Series rp13, International Center for Financial Asset Management and Engineering.
    • Handle: RePEc:fam:rpseri:rp13
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    Keywords

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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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