European Monetary Union and International Capital Markets: Structural Implications and Risks

Garry Schinasi () and Alessandro Prati

No 1997/062, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 61
Date: 1997-05-01
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Citations: View citations in EconPapers (30)

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