English, Article, Journal or magazine article edition: The Euromarkets after 1992 Richard M. Levich

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Bookmark: http://trove.nla.gov.au/version/141491
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Euromarkets after 1992
Author
  • Richard M. Levich
Physical Description
  • preprint
Notes
  • Over the last three decades, differential national regulation in conjunction with increasing capital mobility has given rise to trenendous growth in the Eurocurrency markets. In this paper, we analyse whether the announced plans of the European Commuission to remove barriers to capital flows (in July 1990) and to harmonize other financial regulations (by the end of 1992) will have a major effect on the Euromarkets. The analysis in this paper revolves around the concept of the Net Reguatory Burden (NRB). Three variables will play a crucial role for the developnent of the Euronarkets after 1992. These are (1) reserve requirements on bank deposits, (2) taxation of residents and non-residents on interest income, dividends and capital gains, and (3) disclosure of interest and dividends to tax authorities. Presently there is considerable variation in these factors across Europe. Competitive pressures should lead to a convergence of regulation, but national sovereignty leaves open the possibility for sone divergence of the NRB across European countries, and in comparison with other financial centers such as Switzerland. These differences in NRB will play a key role in determining the location and size of Euromarkets after 1992.
  • RePEc:nbr:nberwo:3003
Language
  • English
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