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

61 Pages Posted: 15 Feb 2006

See all articles by Alessandro Prati

Alessandro Prati

International Monetary Fund (IMF) - Research Department, Deceased

Garry J. Schinasi

Independent Advisor, Global Financial Stability

Date Written: May 1997

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: Euro, EMU, Capital Markets, Capital Flows

JEL Classification: F33, F36, G15

Suggested Citation

Prati, Alessandro and Schinasi, Garry J., European Monetary Union and International Capital Markets: Structural Implications and Risks (May 1997). IMF Working Paper, Vol. , pp. 1-61, 1997. Available at SSRN: https://ssrn.com/abstract=882331

Alessandro Prati (Contact Author)

International Monetary Fund (IMF) - Research Department, Deceased ( email )

Garry J. Schinasi

Independent Advisor, Global Financial Stability ( email )

Washington, 20008
+1-202-361-0958 (Phone)

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