The Euro, Capital Markets, and Dollarization describes the ecomic and capital market results of the institution of the single currency, the euro, in Europe after January 2000. This startling event appears to foreshadow increased capital market efficiency, increased labor migration, massive cross-border mergers, the eastward spread of the monetary union, and the division of the world into currency blocs.
Edward B. Flowers is professor of economics and finance at St. John's University in New York. Francis A. Lees is Theis Professor of Global Finance at St. John's University.