International and National Capital Sources

  • Douglas Wood
  • James Byrne


The size of the Eurocurrency market was estimated to be $480bn net of interbank lendings ($860bn gross) at the end of 1978.1 One has sympathy with anyone who believes that there is not that much money in the world, and disbelief is only encouraged by the variety of explanations for the origin and growth of the market. In fact, the origins, whether it was the Trosbank, the Soviet State Bank’s, transfer of dollar deposits from New York to its correspondents, the Moscow Narodny Bank in London and the Banque Commerciale pour l’Europe du Nord in Paris, or Brown Shipley’s acquisition of the US deposits of UK insurance companies or even if it simply dates from the time the movement of banks into non-domestic operations became noticeable, the predominant feature of Euromarkets has been the staggering rate of growth.


Interest Rate Commercial Bank Exchange Exposure Foreign Loan European Currency Unit 
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  1. A. Basch and M. Kybal, Capital Markets in Latin America: a General Survey and Six Country Studies (New York: Praeger, 1971).Google Scholar
  2. Business International, Investing, Licensing and Trading Conditions Abroad, vol. I, Africa, Europe, Middle East; vol. II, Asia; vol. III, North America, Latin America.Google Scholar
  3. Business International The Philippines: Operating for Profit in the New Society (Hong Kong, 1974).Google Scholar
  4. G. V. Forrest, An Analysis of Banking Structures in the European Community (London: The Banker Research Unit, 1973).Google Scholar
  5. L. C. Gupta, The Changing Structure of Industrial Finance in India: the Impact of International Finance (Oxford: Clarendon Press, 1969).Google Scholar
  6. J. M. Samuels, R. E.V. Groves and C. S. Goddard, Company Finance in Europe (London: Institute of Chartered Accountants in England and Wales, 1975).Google Scholar

Copyright information

© Douglas Wood and James Byrne 1981

Authors and Affiliations

  • Douglas Wood
    • 1
  • James Byrne
    • 1
  1. 1.International Centre for Banking and FinanceManchester Business SchoolUK

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