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The advent of the euro is a significant event for portfolio managers, both within and outside the monetary union. The euro will affect portfolio decisions through a variety of channels and the emergence of a single currency marks the disappearance of explicit and psychological barriers to international investing. The set of investment opportunities qualifying as 'domestic' is expanding, while the need for diversification across currencies must now be met by an increased demand for assets which are not denominated in euros. This paper examines the principal factors influencing the portfolio reallocation process following the introduction of the euro. Three broad categories of possible portfolio allocation are considered: domestic versus non-domestic investment, debt versus equity investment, and public debt versus private debt investment.

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9781898128588

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Kpate Adjaoute is Senior Quantitative Analyst at Morgan Stanley Capital International. Laura Bottazzi is Professor in the Department of Economics at Bologna University. Jeane-Pierre Danthine is professor of economics and finance at the University of Lausanne (Switzerland), Managing Director of the Swiss Finance Institute, and CEPR Research Fellow. Andreas Fischer is Senior Manager at Robert Bosch. Rony Hamaui is Professor of Economics at Universita Cattolica del Sacro Cuore. Richard Portes is professor of economics at London Business School and the founder and president of CEPR. Michael Wickens is professor of economics at the University of York.

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