One of the greatest events in financial history will occur in 1999: the birth of the euro and the emergence of a unified European capital market. This is the first academic text to consider the medium term impact of a single currency on these markets. It tackles several key questions: Once the euro is in place, what is likely to change in European capital markets? How is the structure of the bond, equity, and
derivative markets going to be affected? Are these markets going to be integrated? Is the disappearence of exchange rate uncertainty going to affect risk premium on the equity and corporate debt markets? Is the euro going to compete with
the US dollar, and does this matter? Is the introduction of the euro likely to change the sources of competitive advantages of financial institutions? What are going to be the key factors for success in the industry? The European Capital Markets Institute commissioned a report to address these issues. Drawn from various countries and fields of research - banking, economics, and finance - the contributors analyse
the structural effects of the introduction of euro on European capital markets.
`A timely study whose contributors examine the likely impact of the single currency on capital markets.'
Aslib Book Guide, vol 64, no 11, November 1999
1: Jean Dermine: European Capital Markets: Does the Euro Matter?
Part I. The Macroeconomics of EMU
2: Daniel Gros and Karel Lannoo: EMU, Monetary Policy, and Capital Markets
3: Charles Wyplosz: An International Role for the Euro?
Part II. The Fixed-Income Markets
4: Lars Nielsen: Yield Spreads and Optimal Deby Management under the Single Currency
5: Gordon Delianedis and Pedro Santa Clara: The Exposure of International Corporate Bond Returns to Exchange Rate Risk
6: Alfred Steinherr: European Futures and Options Markets in a Single Currency Environment
Part III. The Equity Markets
7: Giorgio De Santis, Bruno Gérard, and Pierre Hillion: The Single European Currency and World Equity Markets
8: Bruno Biais: European Stock Markets and European Unification
Part IV. Strategic Industry Implications
9: Ingo Walter: The Asset Management Industry in Europe: Competitive Structure and Performance under EMU
10: Roy Smith: The European Securities Industry under a Single Currency
Number Of Pages: 376
Published: 1st December 1998
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.2 x 16.5
Weight (kg): 0.67