The Euro, Capital Markets, and Dollarization

The Euro, Capital Markets, and Dollarization describes the economic and capital market results of the institution of the single currency, the euro, in Europe after January 2000. This startling event appears to foreshadow increased capital market efficiency, increased labor migration, massive cross-border mergers, the eastward spread of the monetary union, and the division of the world into currency blocs. Visit our website for sample chapters! Visit our website for sample chapters!

List of Tables

ix

List of Acronyms

xiii

Preface

xv

Acknowledgments

xvii

The Road to Euro

1

(18)

Resource Mobility in a Suboptimal Currency Area

19

(26)

Macroeconomic Environment

45

(30)

European Banking and the Euro

75

(32)

The European Central Bank and Role of the Euro

107

(50)

Capital Markets in the Eurozone

157

(32)

Bond Market Development

189

(18)

European Equity Markets

207

(32)

Dollarization: Extending the Single Currency Concept

239

(24)

The European Union and Eurozone Expansion

263

(28)

Index

291

(24)

About the Authors

315

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The Euro, Capital Markets, and Dollarization

Summary

Table of Contents

Supplemental Materials