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Essay / Research Paper Abstract
This 3 page paper is an explanation of Euro currency markets. The origins and concept of Eurocurrency markets are discussed along with the reasons they may be used by different types of international organizations. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS65_TEeurocurrency.doc
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Unformatted sample text from the term paper:
For example, if a deposit is made in a Norwegian bank, with the deposit denominated in dollars this will be a Eurocurrency, specifically this will be referred to as a
Eurodollar deposit. The term euro in the title does not infer any relationship with the European single currency called the Euro. To appreciate the use and value of euro currencies
insight can be gained two examining the way in which they first emerged. The origins of Eurocurrency can be found following the Second World War, when there were significant amounts
of US dollars outside of the United States. Inevitably, this meant large amount of US dollars were being held banks in different countries outside of the United States (Goodman, 1981).
To some countries, including the Soviet Union) this was seen as a risk, as there were fears that US banks would be able to freeze any deposits that those countries
had in the United States (Goodman, 1981). In order to reduce the risk the Soviet Union decided to move some of the US dollars to a bank which were
Soviet owned, but had a British charter; the Moscow Narodny Bank (Goodman, 1981). The process would see the British bank then make a deposit of the funds with a US
bank. This meant it would not be possible for the US money to be frozen or confiscated as it no longer belonged to the Soviets; it was not currency of
the depositing bank. The first transaction was for a total of US $800,000 in 1957 (Goodman, 1981). Today the same process may be achieved by placing the currency in a
branch of a foreign bank located in the home state (Ahmad, 2002). The Eurocurrency them refers to a convertible security that relates directly to the currency they have deposited.
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