International Financial Integration: A Study of Interest Differentials between the Major Industrial Countries (Japan-US Center UFJ Bank Monographs on International Financial Markets) - Hardcover

Marston, Richard C.

Hardcover

ISBN 10: 0521471001 ISBN 13: 9780521471008

Publisher: Cambridge University Press, 1995

Synopsis

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.

About this title

Book Description

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.

Edition details

• Publisher: Cambridge University Press
• Publication date: 1995
• Language: English
• ISBN 10: 0521471001
• ISBN 13: 9780521471008
• Binding: Hardcover
• Number of pages: 211