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How European capital markets will change with single currency

Author: Dermine, Jean INSEAD Area: FinanceIn: Global Banking, September 1998 Language: EnglishDescription: p. 28-29.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: A casual analysis of the structure of the capital markets industry raises the question of the importance of a national currency. For instance the markets for pension funds and mutual funds and mutual funds management, or the euro francs and euro lira bond markets are fragmented with domestic institutions capturing a very large market share. Although this fragmentation is explained in part by regulations and history, it could reflect the importance of national currencies. An example is the leading role of American institutions in the dollar-denomonated Eurobond market. Will the emergence of a new world currency competing with the US dollar help the competitiveness of European banks? In this article the impact of the euro on five areas is dentified and analysed
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A casual analysis of the structure of the capital markets industry raises the question of the importance of a national currency. For instance the markets for pension funds and mutual funds and mutual funds management, or the euro francs and euro lira bond markets are fragmented with domestic institutions capturing a very large market share. Although this fragmentation is explained in part by regulations and history, it could reflect the importance of national currencies. An example is the leading role of American institutions in the dollar-denomonated Eurobond market. Will the emergence of a new world currency competing with the US dollar help the competitiveness of European banks? In this article the impact of the euro on five areas is dentified and analysed

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