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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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Book Details

ISBN: 9780521599375
ISBN-10: 0521599377
Format: Paperback
(228mm x 152mm x 12mm)
Pages: 212
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 13-Apr-1997
Country of Publication: United Kingdom

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