516:. The lending rate on these credits is stated as LIBOR +X percent, where X is the lending margin charged depending upon the creditworthiness of the borrower. Additionally, rollover pricing was created on Eurocredits so that Eurobanks do not end up paying more on Eurocurrency time deposits than they earn from the loans. Thus, a Eurocredit may be viewed as a series of short-term loans, where at the end of each time period (generally three or six months), the loan is rolled over and the base lending rate is repriced to current LIBOR over the next time interval of the loan.
1208:
358:. The market emerged in 1984, at the beginning of the Japanese asset price bubble that saw Japan pursue financial liberalisation and internalisation. During the 1990s, interest rates in Japan experienced substantial declines, making the relatively high rates of interest paid by Euroyen accounts attractive investments. Today Euruyen deposits are used by non-Japanese companies to efficiently obtain investments from Japanese investors. Euroyen bonds allow foreign companies to avoid the regulations enforced by the
512:
for a single bank to handle, Eurobanks will band together to form a bank lending syndicate to share the risk. The credit risk on these loans is greater than on loans to other banks in the interbank market. Thus, the interest rate on
Eurocredits must compensate the bank, or banking syndicate, for the added credit risk. On Eurocredits originating in London the base lending rate is
468:. However, little progress has been made in imposing reserve requirements on eurocurrency deposits as nations continually fail to reach consensus over eurocurrency reserve amounts. Thus, it is the extension of national reserve requirements to the eurocurrency markets that has some level of mitigation between eurocurrency deposits and domestic bank balances.
338:. These holdings may arise via two primary ways. Firstly, from purchases of goods and services made in US dollars to suppliers who maintain European bank accounts - these suppliers may be European or non-European. Secondly, Eurodollar deposits arise from investments of US dollars in European banks, generally for more favourable returns on interest.
420:
and communication lines, used to enable stakeholders around the world to interact and participate in the eurocurrency market. Eurocurrency marks function within the global financial system with market centres spread across the global. Therefore, powerful financial technologies and information systems
511:
Eurocredits are short- to medium-term loans of
Eurocurrency extended by Eurobanks to corporations, sovereign governments, nonprime banks, or international organizations. The loans are denominated in currencies other than the home currency of the Eurobank. Because these loans are frequently too large
305:
for any currency deposited outside of its home market. The key participants in these markets includes banks, multinational corporations, mutual funds, and hedge funds. Eurocurrency markets are generally chosen as a source of finance over domestic banks for their ability to offer lower interest rates
438:
In the 1970s, regulating the eurocurrency market became a key priority for policymakers globally. This was because the growth of
Eurodollars forced domestic banks to participate in offshore banking in order to stay competitive against rapidly growing foreign banks. Offshore banking allowed domestic
164:
By mid-1955, US and foreign businesses and nations were regularly using
Eurodollars to hold US-dollar balances or obtain US-dollar denominated loans outside of the US. The eurocurrency market was birthed organically from the rise of the Eurodollar. Ultimately, there was multiple causes for the rise
345:
deals. It is the most widely used eurocurrency. Accounting for approximately 75% of all eurocurrency accounts held worldwide. This prevalence is often attributed to economic and political factors. Firstly, the economic power of the US, particularly its influential position in the world economy and
116:
as it was the first type of
Eurocurrency. Eurodollars began from large quantities of US dollar-denominated deposits being held in European, namely London, banks during the 1950s. Over several decades, economists have produced several explanations of how eurocurrency came about, why it occurred in
463:
in the case of sudden withdrawals. In the case of eurocurrency, this is a crucial regulatory measure with the high risk of bank runs. Typically, the central banks of individual nations enforce reserve requirements for its commercial banks. For example, the US central bank - The
Federal Reserve,
443:
and accurately predict economic outcomes in the global financial system due to unregulated and regulated financial markets existing in parallel. Since this realisation, governments have attempted various regulatory measures such as imposing reserve requirements, ceilings on interest rates and
240:
questioning whether financial institutions in London had excessive influence on decisions made by the Bank of
England. Nonetheless, both the Treasury and Bank of England agreed that London should remain an important financial centre even after the sterling was no longer a major international
507:
Eurocredit is a loan whose denominated currency is not the lending bank's national currency. A eurocredit loan would be made by a U.S. bank to a lender requiring a denominated currency which differs from the bank's local currency (USD) for specific reasons, most likely some sort of business
1265:
AFR. (2018). https://www.afr.com/markets/currencies/euro-currency-remains-a-work-in-progress-on-20th-birthday-20181228-h19jk7. Australian
Financial Review. Retrieved from https://www.afr.com/markets/currencies/euro-currency-remains-a-work-in-progress-on-20th-birthday-20181228-h19jk7
484:” of eurocurrency interest rates only exists with respect to the Eurodollar market. Interest rates for other eurocurrencies often move in parallel with corresponding domestic interest rates, seen as a control used by national governments to limit international capital flows.
168:
Firstly, large holdings of US dollars entered Europe shortly after WW2. This was a result of the fixed exchange rate system that lead to more countries using US dollars for trade, as well as increased imports into the US itself from Europe. Moreover, the US provided
241:
currency. Therefore, imposing restrictive regulations would have been counterintuitive, leading to London's permissive environment. In reality, eurocurrency market centres in general enjoyed freedom from supply side restrictions such as reserve requirements and
218:
The inception of eurocurrency occurred in London with the introduction of the
Eurodollar in 1955. Even after eurocurrency had expanded globally however, London maintained its position as the centre of the Eurodollar market which is still true of today.
346:
steady deterioration of the other currencies during the inception of
Eurocurrency in the 1950s. Secondly, the lack of interest caps and limited regulation in the Eurodollar market enables favourable rates of interest for both lenders and borrowers.
421:
are required to connect market centres to enable communications and transactions to occur. For example, technologies such as high-speed communication lines link market centres enabling fast eurobanking transactions, and also giving rise to the
76:. Eurocurrency is generally seen as an attractive source of global funding due to its ease of convertibility between currencies as well as typically lower regulatory measures compared to sources of funding in domestic markets. Eurocurrency and
209:
to 7%, compelling London-based banks to join the rest of the world and use dollars for trade. This alongside the demand for other types of eurocurrencies outside of their home markets lead to the innovation of the eurocurrency market.
321:
There are several eurocurrency markets, with the two most widely used being the Eurodollar market and the Euroyen market. There are also various smaller eurocurrency markets including the Euroeuro market and the Europound market.
222:
Economists provide disputed explanations for why London was able to gain and maintain this competitive advantage. Ronald McKinnon theorised that it was attributed to London's pre-existing foreign financing expertise retained from
231:
when it was a major international currency. However, criticisms of this theory deemed it "rather static and deterministic" and lacking any archival evidence. McKinnon also emphasised the regulatory freedom provided to
1318:
Carlozzi, N. Regulating the Eurocurrency Market: What are the Prospects? 15–23. Retrieved from https://philadelphiafed.org/-/media/research-and-data/publications/business-review/1981/br81manc.pdf?la=en
121:
in the market as eurocurrency expanded globally. Environmental and political factors commonly underpin most theories, influencing the decisions of nations during this period known as the
53:", as the term predates the creation of the euro. Instead, it can be applied to any combination of deposits in a foreign bank outside of its home market e.g. a deposit denominated in
444:
extending supervisory authority into the unregulated eurocurrency market. Overall, critics today maintain that regulation in offshore banking as a whole remains largely insufficient.
476:
A key attraction for eurocurrency deposits are favourable interest rates for both lenders and borrowers relative to domestic interest rates. However, studies including the
189:
transferred their holdings held in the US over to European banks. This is believed to have been done for two primary reasons; (1) over fears that US authorities will
740:
1045:
Battilossi, S (2009). "The Eurodollar Revolution in Financial Technology. Deregulation, Innovation and Structural Change in Western Banking in the 1960s-70s".
405:
network. This is not limited to the four eurocurrencies (US dollar, euro, yen, sterling) or the home markets of those eurocurrencies. For example, a bank in
1269:
Battilossi, Stefano (2010). "The Eurodollar Revolution in Financial Technology: Deregulation, Innovation and Structural Change in Western Banking".
245:
which allowed them, in particular London, to gain a competitive advantage by providing high and low rates of interest according to the class of the
1363:
MacIntosh, C. (2016). The Eurodollar Market: It All Starts Here. Retrieved from https://capitalistexploits.at/eurodollar-market-it-all-starts-here/
1145:
558:
Kaen, Fred R.; Hachey, George A. (August 1983). "Eurocurrency and National Money Market Interest Rates: An Empirical Investigation of Causality".
1366:
McKinnon, R. (1977). THE EUROCURRENCY MARKET. ESSAYS IN INTERNATIONAL FINANCE, (125), 1-52. Retrieved from https://ies.princeton.edu/pdf/E125.pdf
224:
1296:
1107:
716:
253:. Additionally, London's competitive advantage was enhanced by tight restrictions throughout the rest of Europe due to possible risks of "
1305:
Booth, Jerome (n.d.). Bretton Woods Plan: The Next 70 Years. Retrieved from: https://eml.berkeley.edu/~eichengr/Bretton-Woods-next-70.pdf
439:
banks to avoid the rising costs and restrictions resulting from national banking regulations. National governments struggled to monitor
341:
Today, the Eurodollar market is the largest source of global funding for businesses and nations, estimated to be financing over 90% of
1390:
The Free Dictionary (n.d.) Eurocurrency Market. Retrieved from: https://financial-dictionary.thefreedictionary.com/Eurocurrency+market
306:
of borrowers and higher interest rates for lenders situationally. This because eurocurrency market have less regulatory requirements,
1321:
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014. (1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
1251:
1229:
508:
operations or trade requirements. Despite the inclusion of the word "euro," a eurocredit is not immediately derived from the euro.
1436:
460:
30:
outside its home market, i.e., held in banks located outside of the country which issues the currency. For example, a deposit of
91:
The relevance of eurocurrency deposits has been disputed ever since its inception in the 1950s by notable economists including
499:
A eurobank is a financial institution anywhere in the world which accepts deposits or makes loans in any foreign currency.
310:, and typically no interest caps. Nonetheless, there are higher risks, particularly when banks experience periods of poor
401:
Firstly, it can be the accumulation of all the currencies and banking facilities worldwide that are participating of the
465:
92:
1393:
The Free Dictionary (n.d.) Eurodollar. Retrieved from: https://financial-dictionary.thefreedictionary.com/Eurodollar
140:. Under this system, national currencies were "pegged" against the US dollar which itself was now convertible into
137:
1399:
The Free Dictionary (n.d.) Europound. Retrieved from: https://financial-dictionary.thefreedictionary.com/Europound
493:
262:
65:
1222:
1216:
77:
1402:
The Free Dictionary (n.d.) Euroyen. Retrieved from: https://financial-dictionary.thefreedictionary.com/Euroyen
144:. This was done to promote freer world trade in response to a sharp decline in imports and exports after the
96:
1324:
Hogan, W., & Pearce, I. (1982). The Incredible Eurodollar (1st ed., pp. 1–12). London: Routledge.
1274:
1233:
1046:
525:
869:
1308:
Bordo, M., & Eichengreen, B. Bretton Woods: The Next 70 Years (1st ed., pp. 51–62). Prudential.
1118:
1060:
842:
803:
622:
464:
requires commercial banks to retain money in reserves against their commitments to depositors under the
375:
242:
194:
118:
763:
363:
278:
122:
31:
1279:
1051:
452:
342:
85:
1370:
Schenk, Catherine R. (1 April 1998). "The Origins of the Eurodollar Market in London: 1955–1963".
1352:
997:
734:
575:
205:
banned sterling-financed trade for non-sterling countries as a result of a sharp increase in the
1329:
974:
945:
680:
Schenk, Catherine R. (April 1998). "The Origins of the Eurodollar Market in London: 1955–1963".
128:
The Bretton Woods Era spanned from 1944 to 1973 and saw national policymakers, notably those of
922:
831:
792:
1292:
722:
712:
477:
38:, would be considered eurocurrency, as the US dollar is deposited outside of its home market.
1015:
1415:
1379:
1344:
1284:
1182:
989:
689:
567:
535:
481:
422:
258:
190:
145:
1396:
The Free Dictionary (n.d.) Euroeuro. Retrieved from: https://www.thefreedictionary.com/euro
201:
forced the UK's strongest movement toward alignment with the Bretton Woods plan. Here, the
197:
with Eurobanks as a strategy to nurture a future source of loans and funding. Thirdly, the
1131:
1073:
855:
816:
635:
417:
387:
335:
233:
202:
156:
in an attempt to boost their domestic performance, causing major declines in world trade.
27:
173:
to European nations after WW2 in the form of damage assistance under the US governments'
530:
286:
228:
1406:
Thornton, John (28 July 2006). "Interest rates in domestic and eurocurrency markets".
1173:
Thornton, John (28 July 2006). "Interest rates in domestic and eurocurrency markets".
1430:
402:
359:
355:
354:
The Euroyen market involves deposits of yen in banks outside the jurisdiction of the
174:
153:
141:
133:
129:
81:
440:
386:
The Europound market involves sterling deposits outside of the jurisdiction of the
331:
302:
290:
182:
149:
54:
374:
The Euroeuro market involves deposits of euros outside of the jurisdiction of the
410:
198:
69:
58:
1419:
1186:
726:
709:
The incredible Eurodollar : or why the world's money system is collapsing
113:
73:
1288:
254:
206:
178:
1383:
693:
896:
611:
315:
311:
266:
246:
237:
50:
23:
1356:
1001:
579:
413:
in London would also be considered a part of the eurocurrency network.
406:
307:
330:
The Eurodollar market involves holdings of US dollars outside of the
250:
35:
1348:
993:
571:
112:
The emergence of Eurocurrency is closely tied to the origins of the
513:
186:
64:
Eurocurrency is used for short-to-medium term financing by banks,
456:
282:
236:
in London by the Bank of England, aligning with recounts of the
46:
416:
Secondly, it can refer to the sum of all the technologies i.e.
1201:
170:
165:
of the Eurodollar which lead to the creation of Eurocurrency.
1108:"Regulating the Eurocurrency Market: What are the Prospects?"
1146:"Euro currency remains a work in progress on 20th birthday"
612:"The Eurocurrency Market. Essays in International Finance"
459:
which banks must have on-hand for the purpose of meeting
398:
The concept of eurocurrency can have two implications.
293:; the currencies of the major economies of the world.
152:. As a result, national governments had raised their
225:
Britain's dominant trade history in the 19th Century
1271:Financial Markets and Organizational Technologies
1330:"The Eurodollar Market: The Case for Disclosure"
975:"The Eurodollar Market: The Case for Disclosure"
711:. Pearce, Ivor Frank. (First ed.). London.
492:"Eurobanks" redirects here. For other uses, see
88:and other barriers to the free flow of capital.
455:refer to a particular predetermined amount of
117:London, and how London managed to maintain a
8:
764:"The Eurodollar Market: It All Starts Here"
95:, yet it remains a prevalent aspect of the
739:: CS1 maint: location missing publisher (
45:prefix does not refer exclusively to the "
1278:
1252:Learn how and when to remove this message
1050:
1215:This article includes a list of general
16:Money held outside its country-of-origin
832:"Bretton Woods Plan: The Next 70 years"
793:"Bretton Woods Plan: The Next 70 Years"
547:
1168:
1166:
1127:
1116:
1101:
1099:
1097:
1095:
1093:
1091:
1089:
1087:
1085:
1083:
1069:
1058:
1040:
1038:
1036:
1034:
851:
840:
812:
801:
732:
631:
620:
968:
966:
964:
917:
915:
675:
673:
671:
669:
667:
665:
277:The four main Eurocurrencies are the
7:
891:
889:
830:Bordo & Eichengreen, M & B.
786:
784:
758:
756:
754:
752:
750:
663:
661:
659:
657:
655:
653:
651:
649:
647:
645:
605:
603:
601:
599:
597:
595:
593:
591:
589:
560:Journal of Money, Credit and Banking
553:
551:
160:Drivers of Eurocurrency in the 1950s
138:fixed or pegged exchange rate system
1221:it lacks sufficient corresponding
362:and in bond registration with the
227:and servings as the centre of the
14:
1315:(4th ed). South Western, Tompson.
409:that chooses to keep holdings of
1372:Explorations in Economic History
1328:Greenberg, Ronald David (1983).
1206:
973:Greenberg, Ronald David (1983).
682:Explorations in Economic History
472:Eurocurrency and Interest Rates
429:Regulations and Domestic Policy
214:Competitive Advantage of London
1:
837:: 51–62 – via Berkeley.
798:: 45–50 – via Berkeley.
448:Usage of Reserve Requirements
301:A eurocurrency market is the
261:, and potential reliance on
1150:Australian Financial Review
1106:Carlozzi, Nicholas (n.d.).
61:bank is a Euroyen deposit.
1453:
491:
364:Tokyo Stock Exchange (TSE)
181:governments including the
66:multinational corporations
1420:10.1080/00036849200000003
1187:10.1080/00036849200000003
610:McKinnon, Ronald (1977).
494:Eurobank (disambiguation)
466:Monetary Control Act 1980
193:, and (2) to accumulated
1437:Foreign exchange market
1289:10.1057/9780230283176_2
1236:more precise citations.
97:global financial system
80:markets avoid domestic
1384:10.1006/exeh.1998.0693
1126:Cite journal requires
1068:Cite journal requires
850:Cite journal requires
811:Cite journal requires
791:Booth, Jerome (n.d.).
694:10.1006/exeh.1998.0693
630:Cite journal requires
617:– via Princeton.
526:Note issuance facility
478:Granger causality test
243:interest rate ceilings
177:. Secondly, after WW2
146:1930s financial crises
108:Background Information
1337:California Law Review
1313:Multinational Finance
982:California Law Review
874:TheFreeDictionary.com
870:"Eurocurrency market"
707:Hogan, W. P. (2017).
376:European Central Bank
356:Japanese Central Bank
119:competitive advantage
1311:Butler, Kirt (2008)
453:Reserve requirements
394:Eurocurrency Network
314:which can lead to a
297:Eurocurrency Markets
199:1957 sterling crises
86:reserve requirements
1020:The Free Dictionary
950:The Free Dictionary
927:The Free Dictionary
901:The Free Dictionary
768:Capitalist Exploits
360:Bank of Japan (BoJ)
343:international trade
49:" currency or the "
1273:. pp. 29–63.
434:Regulatory History
191:seize their assets
34:held in a bank in
1414:(10): 1103–1105.
1408:Applied Economics
1298:978-1-349-31349-5
1262:
1261:
1254:
1181:(10): 1103–1105.
1175:Applied Economics
718:978-0-203-71223-8
326:Eurodollar Market
154:barriers to trade
150:World War 2 (WW2)
123:Bretton Woods Era
1444:
1423:
1387:
1360:
1343:(5): 1492–1515.
1334:
1302:
1282:
1257:
1250:
1246:
1243:
1237:
1232:this article by
1223:inline citations
1210:
1209:
1202:
1191:
1190:
1170:
1161:
1160:
1158:
1157:
1142:
1136:
1135:
1129:
1124:
1122:
1114:
1112:
1103:
1078:
1077:
1071:
1066:
1064:
1056:
1054:
1042:
1029:
1028:
1027:
1026:
1012:
1006:
1005:
988:(5): 1492–1515.
979:
970:
959:
958:
957:
956:
942:
936:
935:
934:
933:
919:
910:
909:
908:
907:
893:
884:
883:
881:
880:
866:
860:
859:
853:
848:
846:
838:
836:
827:
821:
820:
814:
809:
807:
799:
797:
788:
779:
778:
776:
775:
760:
745:
744:
738:
730:
704:
698:
697:
677:
640:
639:
633:
628:
626:
618:
616:
607:
584:
583:
555:
536:Reserve currency
423:overnight market
403:offshore banking
382:Europound Market
316:run on the banks
234:commercial banks
1452:
1451:
1447:
1446:
1445:
1443:
1442:
1441:
1427:
1426:
1405:
1369:
1349:10.2307/3480148
1332:
1327:
1299:
1280:10.1.1.573.3642
1268:
1258:
1247:
1241:
1238:
1228:Please help to
1227:
1211:
1207:
1200:
1198:Further reading
1195:
1194:
1172:
1171:
1164:
1155:
1153:
1144:
1143:
1139:
1125:
1115:
1110:
1105:
1104:
1081:
1067:
1057:
1052:10.1.1.573.3642
1044:
1043:
1032:
1024:
1022:
1014:
1013:
1009:
994:10.2307/3480148
977:
972:
971:
962:
954:
952:
944:
943:
939:
931:
929:
921:
920:
913:
905:
903:
895:
894:
887:
878:
876:
868:
867:
863:
849:
839:
834:
829:
828:
824:
810:
800:
795:
790:
789:
782:
773:
771:
762:
761:
748:
731:
719:
706:
705:
701:
679:
678:
643:
629:
619:
614:
609:
608:
587:
572:10.2307/1992483
557:
556:
549:
544:
522:
505:
497:
490:
480:show that the “
474:
450:
436:
431:
418:data processing
396:
388:Bank of England
384:
372:
370:Euroeuro Market
352:
336:US Central Bank
328:
299:
275:
265:in the case of
216:
203:Bank of England
162:
110:
105:
93:Ronald McKinnon
17:
12:
11:
5:
1450:
1448:
1440:
1439:
1429:
1428:
1425:
1424:
1403:
1400:
1397:
1394:
1391:
1388:
1378:(2): 221–238.
1367:
1364:
1361:
1325:
1322:
1319:
1316:
1309:
1306:
1303:
1297:
1266:
1260:
1259:
1214:
1212:
1205:
1199:
1196:
1193:
1192:
1162:
1137:
1128:|journal=
1079:
1070:|journal=
1030:
1007:
960:
937:
911:
885:
861:
852:|journal=
822:
813:|journal=
780:
746:
717:
699:
688:(2): 221–238.
641:
632:|journal=
585:
546:
545:
543:
540:
539:
538:
533:
531:World currency
528:
521:
518:
504:
501:
489:
486:
473:
470:
449:
446:
435:
432:
430:
427:
395:
392:
383:
380:
371:
368:
351:
350:Euroyen Market
348:
327:
324:
298:
295:
274:
271:
259:bank liquidity
215:
212:
161:
158:
109:
106:
104:
101:
15:
13:
10:
9:
6:
4:
3:
2:
1449:
1438:
1435:
1434:
1432:
1421:
1417:
1413:
1409:
1404:
1401:
1398:
1395:
1392:
1389:
1385:
1381:
1377:
1373:
1368:
1365:
1362:
1358:
1354:
1350:
1346:
1342:
1338:
1331:
1326:
1323:
1320:
1317:
1314:
1310:
1307:
1304:
1300:
1294:
1290:
1286:
1281:
1276:
1272:
1267:
1264:
1263:
1256:
1253:
1245:
1235:
1231:
1225:
1224:
1218:
1213:
1204:
1203:
1197:
1188:
1184:
1180:
1176:
1169:
1167:
1163:
1151:
1147:
1141:
1138:
1133:
1120:
1109:
1102:
1100:
1098:
1096:
1094:
1092:
1090:
1088:
1086:
1084:
1080:
1075:
1062:
1053:
1048:
1041:
1039:
1037:
1035:
1031:
1021:
1017:
1011:
1008:
1003:
999:
995:
991:
987:
983:
976:
969:
967:
965:
961:
951:
947:
941:
938:
928:
924:
918:
916:
912:
902:
898:
892:
890:
886:
875:
871:
865:
862:
857:
844:
833:
826:
823:
818:
805:
794:
787:
785:
781:
769:
765:
759:
757:
755:
753:
751:
747:
742:
736:
728:
724:
720:
714:
710:
703:
700:
695:
691:
687:
683:
676:
674:
672:
670:
668:
666:
664:
662:
660:
658:
656:
654:
652:
650:
648:
646:
642:
637:
624:
613:
606:
604:
602:
600:
598:
596:
594:
592:
590:
586:
581:
577:
573:
569:
565:
561:
554:
552:
548:
541:
537:
534:
532:
529:
527:
524:
523:
519:
517:
515:
509:
502:
500:
495:
487:
485:
483:
479:
471:
469:
467:
462:
458:
454:
447:
445:
442:
433:
428:
426:
424:
419:
414:
412:
408:
404:
399:
393:
391:
389:
381:
379:
377:
369:
367:
365:
361:
357:
349:
347:
344:
339:
337:
333:
325:
323:
319:
317:
313:
309:
304:
296:
294:
292:
288:
284:
280:
272:
270:
268:
264:
260:
257:", increased
256:
252:
248:
244:
239:
235:
230:
226:
220:
213:
211:
208:
204:
200:
196:
192:
188:
184:
180:
176:
175:Marshall Plan
172:
166:
159:
157:
155:
151:
147:
143:
139:
136:, agree to a
135:
131:
126:
124:
120:
115:
107:
102:
100:
98:
94:
89:
87:
84:regulations,
83:
82:interest rate
79:
75:
71:
67:
62:
60:
56:
52:
48:
44:
39:
37:
33:
29:
25:
21:
1411:
1407:
1375:
1371:
1340:
1336:
1312:
1270:
1248:
1239:
1220:
1178:
1174:
1154:. Retrieved
1152:. 2018-12-28
1149:
1140:
1119:cite journal
1061:cite journal
1023:, retrieved
1019:
1010:
985:
981:
953:, retrieved
949:
946:"Eurodollar"
940:
930:, retrieved
926:
904:, retrieved
900:
877:. Retrieved
873:
864:
843:cite journal
825:
804:cite journal
772:. Retrieved
770:. 2016-12-02
767:
708:
702:
685:
681:
623:cite journal
563:
559:
510:
506:
498:
475:
451:
441:money supply
437:
415:
400:
397:
385:
373:
353:
340:
332:jurisdiction
329:
320:
303:money market
300:
291:Japanese yen
276:
221:
217:
183:Soviet Union
171:economic aid
167:
163:
127:
111:
90:
70:mutual funds
63:
55:Japanese yen
42:
40:
20:Eurocurrency
19:
18:
1234:introducing
923:"Europound"
503:Eurocredits
461:liabilities
411:Swiss franc
74:hedge funds
1217:references
1156:2020-05-29
1025:2020-05-29
955:2020-05-29
932:2020-05-29
906:2020-05-29
879:2020-05-29
774:2020-05-29
727:1004971823
566:(3): 327.
542:References
482:stickiness
273:Currencies
114:Eurodollar
57:held in a
32:US dollars
1275:CiteSeerX
1047:CiteSeerX
1016:"Euroyen"
735:cite book
488:Eurobanks
279:US dollar
267:bank runs
255:hot money
207:bank rate
179:communist
1431:Category
1242:May 2020
520:See also
312:solvency
308:tax laws
289:and the
287:sterling
263:reserves
247:borrower
238:Treasury
229:sterling
195:goodwill
132:and the
78:eurobond
51:eurozone
26:held on
24:currency
1357:3480148
1230:improve
1002:3480148
580:1992483
407:Denmark
334:of the
130:Britain
103:History
28:deposit
1355:
1295:
1277:
1219:, but
1049:
1000:
897:"euro"
725:
715:
578:
285:, the
281:, the
251:lender
72:, and
36:London
1353:JSTOR
1333:(PDF)
1111:(PDF)
998:JSTOR
978:(PDF)
835:(PDF)
796:(PDF)
615:(PDF)
576:JSTOR
514:LIBOR
187:China
59:Swiss
43:Euro-
1293:ISBN
1132:help
1074:help
856:help
817:help
741:link
723:OCLC
713:ISBN
636:help
457:cash
283:Euro
249:and
185:and
148:and
142:gold
47:euro
41:The
1416:doi
1380:doi
1345:doi
1285:doi
1183:doi
990:doi
690:doi
568:doi
22:is
1433::
1412:24
1410:.
1376:35
1374:.
1351:.
1341:71
1339:.
1335:.
1291:.
1283:.
1179:24
1177:.
1165:^
1148:.
1123::
1121:}}
1117:{{
1082:^
1065::
1063:}}
1059:{{
1033:^
1018:,
996:.
986:71
984:.
980:.
963:^
948:,
925:,
914:^
899:,
888:^
872:.
847::
845:}}
841:{{
808::
806:}}
802:{{
783:^
766:.
749:^
737:}}
733:{{
721:.
686:35
684:.
644:^
627::
625:}}
621:{{
588:^
574:.
564:15
562:.
550:^
425:.
390:.
378:.
366:.
318:.
269:.
134:US
125:.
99:.
68:,
1422:.
1418::
1386:.
1382::
1359:.
1347::
1301:.
1287::
1255:)
1249:(
1244:)
1240:(
1226:.
1189:.
1185::
1159:.
1134:)
1130:(
1113:.
1076:)
1072:(
1055:.
1004:.
992::
882:.
858:)
854:(
819:)
815:(
777:.
743:)
729:.
696:.
692::
638:)
634:(
582:.
570::
496:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.