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International Financial Integration By Richard C. Marston (Wharton School, University of Pennsylvania)

International Financial Integration
by Richard C. Marston (Wharton School, University of Pennsylvania)

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This study examines the progress made in integrating the financial markets of the major industrial countries. Professor Marston shows that deregulation and liberalization have succeeded to such an extent that interest rates in any single currency are nearly the same.
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International Financial Integration Summary


International Financial Integration: A Study of Interest Differentials between the Major Industrial Countries by Richard C. Marston (Wharton School, University of Pennsylvania)

This study examines the progress made in integrating the financial markets of the major industrial countries: Britain, France, Germany, Japan, and the United States. Professor Marston shows that deregulation and liberalization have succeeded to such an extent that interest rates in any single currency are nearly the same regardless of whether they are offered in national or Eurocurrency markets. Professor Marston also demonstrates that currency denomination remains a barrier to full financial integration in that both nominal and real returns on financial instruments vary widely by currency tied together in the European Monetary System. The analysis examines returns in the money and bond markets of these countries, investigating whether there are systematic variations in relative returns across markets.

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Table of Contents


Preface; 1. Determinants of interest differentials: an introduction; 2. The deregulation of national markets; 3. Liberalization of national capital controls; 4. Nominal interest differentials; 5. Exchange rates and interest rates in the European monetary system; 6. Real interest differentials; 7. Progress towards international financial integration.

Additional information

GOR010314876
International Financial Integration: A Study of Interest Differentials between the Major Industrial Countries by Richard C. Marston (Wharton School, University of Pennsylvania)
Richard C. Marston (Wharton School, University of Pennsylvania)
Japan-US Center UFJ Bank Monographs on International Financial Markets
Used - Well Read
Hardback
Cambridge University Press
1995-06-30
211
0521471001
9780521471008
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
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