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The euro market erodes US financial structure

In: All Fall Down

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Abstract

The shift from a bank-based financial system to a market-based system began with the creation of the unregulated Eurocurrency market in the 1960s. It accommodated the key currency international monetary system by providing foreign exchange and cross-border transactions denominated in currencies outside the borders of the countries that issued them. Institutions’ reliance on borrowing from, lending to, and dealing in derivatives with other financial institutions created a web of interconnectedness in the external market that was first tested by the failure of Franklin National Bank in 1975.

Suggested Citation

  • ., 2018. "The euro market erodes US financial structure," Chapters, in: All Fall Down, chapter 2, pages 21-28, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18346_2
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    Cited by:

    1. Menno Schellekens & Taha Yasseri, 2021. "Credit Crunch: The Role of Household Lending Capacity in the Dutch Housing Boom and Bust 1995-2018," Papers 2101.00913, arXiv.org.
    2. Hubáček, Ondřej & Šír, Gustav, 2023. "Beating the market with a bad predictive model," International Journal of Forecasting, Elsevier, vol. 39(2), pages 691-719.

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