In this paper we study how the introduction of the euro has affected corporate financing in Europe. We use firm level … data from eleven euro-countries as well as from a control group of five other European countries spanning the years 1991 …-2006. We show that firms from euro-countries that previously had weak currencies have increased both their equity and debt …

Seit seiner Einführung am 1. Januar 1999 hat der Euro über ein Viertel seines Außenwertes verloren. Nachdem alle auf …, hat die These, dass die Schwäche darauf beruht, dass es bisher nur einen virtuellen Euro gibt, an Glaubwürdigkeit gewonnen … Finance« zu erklären. Aus der Sicht dieser Theorie könnte die Bargeldeinführung zum Vorteil des Euro ausschlagen, aber mit …

This Paper considers how the European Union, and more specifically the euro area, can contribute to international … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary … positions on exchange-rate policy, the international financial architecture, and the euro as an international currency. …

euro area. We study the impact of the adoption of the euro in January 1999 by 11 countries in Europe on the firms …) investments for EMU-firms have grown 2.5% more than for non-EMU firms, after 1999; and (ii) the benefits of the euro accrue …

) in Europe. We use corporate-level data from ten countries that adopted the euro, the three EU countries that did not join … EMU, as well as Norway and Switzerland. We show that the introduction of the euro has increased Tobin's Q-ratios in EMU … are financially unconstrained. The evidence provided here supports the view that the introduction of the euro has lowered …

-border bank lending in US dollars, and particularly in euro, is highly concentrated in a small number of countries. The UK is … central in the international network of loans denominated in euro, although there are tentative signs that this role has … optimisation strategies. The empirical analysis suggests that euro-denominated loans face the "tyranny of distance", in line with …