The International Money Market

Abstract

During the past twenty years a vast new international money market has grown from nothing. It is a market in which the claims are bank deposits and bank loans denominated in currencies other than that of the country in which the bank is operating. The most common name for this market is the euro-dollar market, because the largest part of the claims is expressed in U.S. dollars and because most of the banks concerned are in Europe, with a heavy concentration in London. But the market deals in claims expressed in many currencies other than dollars, and it extends throughout the world. We have already seen what a great influence this new market has had on the development of the British financial system, having been largely responsible for the growth of the secondary banking system and of the sterling parallel money markets. In this chapter we are concerned with the markets for various euro-currencies in their international context.

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