International money markets: eurocurrencies

Eurocurrencies are international markets for short-term wholesale bank deposits and loans. They emerged in Western Europe in the late 1950s and rapidly reached a global scale. A Eurocurrency is a form of bank money: an unsecured short-term bank debt denominated in a currency (for instance, US dollars) but issued by banks operating offshore, in a geographical location or a legal space situated outside of the jurisdiction of the national authorities presiding over that currency (for instance, the Federal Reserve). In Eurocurrency markets, banks intermediate mainly between foreign residents. They borrow funds by "accepting" foreign currency deposits and lend foreign currency-denominated funds by "placing" deposits with other banks, by granting short-term loans or investing in other liquid assets. Historically, Eurodollars accounted for the largest share of Eurocurrencies, although other international currencies (Deutsche Marks, Japanese yens, and especially Euros since 1999) played an important role. Eurocurrency markets were a manifestation of financial integration and interdependence in a globalizing economy and performed critical functions in the distribution and creation of international liquidity. At the same time, their fast growth was a recurrent source of concerns for central bankers and policymakers due to their implications for macroeconomic policies and financial stability. This chapter analyzes different aspects of the historical development of Eurocurrency markets and their role in the international monetary and financial system. The first part discusses theoretical interpretations, presents estimates of markets' size, describes their structure, and explains the determinants of their growth. The second part analyzes the spread between Eurodollar rates and other US money market rates, the role of arbitrage, the evolution of risk factors, and the causes of historical episodes of stress and contagion in the interbank market. The last part discusses political economy issues, such as the role of governments and market forces in the emergence of Eurodollars in the 1950s and the failed attempts to impose multilateral controls on Eurocurrency markets in the 1970s

RESULTS ON THE PRODUCTION OF BARYONS WITH VERTICAL-BAR-S-VERTICAL-BAR=1, 2, 3 AND STRANGE MESONS IN S-W COLLISIONS AT 200 GEV/C PER NUCLEON

We report results on the production of strange baryons/antibaryons with 1, 2, and 3 units of strangeness (Lambda, Xi and Omega) and mesons (K-s(0), K+ and K-) in WA85 experiment at the CERN SPS. This experiment was designed to study the production of strange particles in central SW collisions at 200 GeV/c per nucleon, in the central rapidity region with medium to high p(t). We have measured the inverse slopes of the m(t) distributions of such particles and the production ratios /Lambda, (+)/Xi(-), Xi(-)/Lambda, (+)/, K-s(0)/Lambda, K-s(0)/ (Omega(-) + (+))/(Xi(-) + (+)) and K+/K-. Preliminary results on the production ratios Xi(-)/Lambda and (+)/ in pW collisions at 200 GeV/c are also presented

OBSERVATION OF OMEGA- AND (OMEGA-)OVER-BAR IN SULFUR-TUNGSTEN INTERACTIONS AT 200 GEV/C PER NUCLEON

Multistrange baryon and antibaryon production is suggested to be a useful probe in the search for Quark-Gluon Plasma formation. We report the detection of an OMEGA- +OMEGA-BAR signal in central S+W interactions at 200 A GeV/c and measure the ratio OMEGA-BAR/OMEGA- = 0.57 +/- 0.41 at central rapidity and p(T) > 1.6 GeV/c

MEASUREMENT OF THE OMEGA/XI-PRODUCTION RATIO IN CENTRAL S-W INTERACTIONS AT 200-A-GEV/C

Strange baryon and in particular multi-strange baryon production is suggested to be a useful probe in the search for quark gluon plasma formation in heavy ion collisions. We have measured the (Omega(-) + ($) over bar Omega(+))/(Xi(-) + ($) over bar Xi(+)) production ratio to be 0.8 +/- 0.4 at central rapidity and p(T) > 1.6 GeV/c

CHARGED KAON PRODUCTION IN S-W COLLISIONS AT 200 GEV/C PER NUCLEON

Results on central production of charged kaons in sulphur-tungsten interactions have been obtained by the WA85 Collaboration. The procedure used to select K+ and K- particles, identified through their decay to three charged pions, is described. The m(T) spectra for K+ and K- and the ratio K+/K-, calculated in the kinematic region p(T) greater than or equal to 0.9 GeV/c and 2.3 less than or equal to gamma(LAB) less than or equal to 3.0, are presented

PRODUCTION OF STRANGE AND MULTISTRANGE HYPERONS AND ANTIHYPERONS IN S-W INTERACTIONS AT 200 GEV/C PER NUCLEON

Strange and multistrange baryon and antibaryon production is a useful probe into the dynamics of the hot hadronic matter created in central heavy ion interactions. Relative production yields and transverse mass spectra are presented for Lambda, ,- Xi(-) and (+) hyperons produced in central sulphur-tungsten interactions at 200 GeV/c per nucleon

MEASUREMENT OF RELATIVE BRANCHING FRACTIONS FOR D+-]K-K+K+ AND DS+-]PI-PI+PI+ DECAYS

The decay modes D(s)+ --> pi-pi+pi+ and D+ --> K-K+K+ have been studied in the hadroproduction experiment WA82. The following ratios of branching fractions have been measured: B(D(s)+ --> pi-pi+pi+)/B(D(s)+ --> phipi+) = 0.33 +/- 0.10 +/- 0.04, B(D+ --> K-K+K+)/B(D+ --> K-pi+pi+) = 0.057 +/- 0.020 +/- 0.007, B(D+ --> K-K+K+)/B(D+ --> phipi+) = 0.49 +/- 0.23 +/- 0.06. RI Lamanna, Ernesto/C-7658-201

OBSERVATION OF OMEGA- AND (OMEGA-)OVER-BAR IN SULFUR-TUNGSTEN INTERACTIONS AT 200 GEV/C PER NUCLEON

Multistrange baryon and antibaryon production is suggested to be a useful probe in the search for Quark-Gluon Plasma formation. We report the detection of an OMEGA- +OMEGA-BAR signal in central S+W interactions at 200 A GeV/c and measure the ratio OMEGA-BAR/OMEGA- = 0.57 +/- 0.41 at central rapidity and p(T) > 1.6 GeV/c

CHARGED KAON PRODUCTION IN S-W COLLISIONS AT 200 GEV/C PER NUCLEON

Results on central production of charged kaons in sulphur-tungsten interactions have been obtained by the WA85 Collaboration. The procedure used to select K+ and K- particles, identified through their decay to three charged pions, is described. The m(T) spectra for K+ and K- and the ratio K+/K-, calculated in the kinematic region p(T) greater than or equal to 0.9 GeV/c and 2.3 less than or equal to gamma(LAB) less than or equal to 3.0, are presented