European Capital Markets with a Single Currency: European Capital Market W/a Si

Hardcover | December 1, 1998

EditorJean Dermine, Pierre Hillion

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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.

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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 chan...

Jean Dermine is a Professor of Banking and Finance; Director at INSEAD Center for International Financial Services. Pierre Hillion is a Professor of Finance at INSEAD; CEPR Fellow.

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Format:HardcoverDimensions:376 pages, 9.21 × 6.14 × 0.98 inPublished:December 1, 1998Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198295391

ISBN - 13:9780198295396

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Table of Contents

Introduction1. Jean Dermine: European Capital Markets: Does the Euro Matter?Part I. The Macroeconomics of EMU2. Daniel Gros and Karel Lannoo: EMU, Monetary Policy, and Capital Markets3. Charles Wyplosz: An International Role for the Euro?Part II. The Fixed-Income Markets4. Lars Nielsen: Yield Spreads and Optimal Deby Management under the Single Currency5. Gordon Delianedis and Pedro Santa Clara: The Exposure of International Corporate Bond Returns to Exchange Rate Risk6. Alfred Steinherr: European Futures and Options Markets in a Single Currency EnvironmentPart III. The Equity Markets7. Giorgio De Santis, Bruno Gerard, and Pierre Hillion: The Single European Currency and World Equity Markets8. Bruno Biais: European Stock Markets and European UnificationPart IV. Strategic Industry Implications9. Ingo Walter: The Asset Management Industry in Europe: Competitive Structure and Performance under EMU10. Roy Smith: The European Securities Industry under a Single Currency

Editorial Reviews

`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