International Financial Markets in ECU: The Impact of a Difficult Consensus
- 8 Downloads
Between September 1992 and August 1993, the European Monetary System (EMS) came under extreme pressure. After a long quiet period on the foreign exchange front, and while Euro-optimists were openly evoking the advent of the Single currency, a wave of speculative attacks on some of the most important EMS currencies led to a series of devaluation, to retreats from the Exchange Rate Mechanism (ERM), and to the widening of the bands to 15 %. These events had a dramatic effect on the different compartments of the Ecu-denominated financial markets. However, different aspects of the crisis brought to light one of the most promising additions to the international capital markets’ characteristics.
Unable to display preview. Download preview PDF.
- Bank of england(1991): European Monetary Arrangements: Convergence and other issues. Bank of England Quarterly Bulletin. November.Google Scholar
- Bank for international settlements(1992): Recent Developments in the Ecu Financial Markets. International Banking and Financial Developments. February.Google Scholar
- Bank for international settlements(1994): International Banking and Financial Market Developments During the First Quarter of 1994. International Banking and Financial Developments. August.Google Scholar
- Brady, S. (1992): Meltdown. Euromoney. July.Google Scholar
- Dosoo, G. (1992): The Eurobond Market. Woodhead Faulkner.Google Scholar
- Goldstein, M. and alii (1993): International Capital Markets: Exchange Rate Management and International Capital Flows. IMF. April.Google Scholar
- JP Morgan (1992): EMU off the Maastricht Launchpad. World Financial Markets. January/February.Google Scholar
- Lelart, M. (1994): La construction monétaire européenne. Dunod.Google Scholar
- Leroux, F. (1994): Marchés internationaux des capitaux. Eska.Google Scholar
- Nguyen, K. (1993): Quel avenir pour l’ECU. Lettre de conjoncture de la BNP. Novembre.Google Scholar