domingo, 16 de outubro de 2016

Em relação ao post anterior, é necessário que se entenda o mínimo do mercado de "Eurodólar" e de como ele surgiu......assim, é possível imaginar o quanto os mercados de crédito, e aí inclusos os mercados de crédito em "Eurodólar", possam contribuir para a disparada do "indice dólar" e o "TED"

Em relação ao post anterior, é necessário que se entenda o mínimo do mercado de "Eurodólar" e de como ele surgiu......

Assim, é possível imaginar o quanto mercado de crédito, e aí inclusos os mercados de crédito em "Eurodólar", possam contribuir para a disparada do "indice dólar" e o "TED"

Na mais simples explicação , é possível dizer que, junto aos mercados de crédito "comuns ou normais", existem os mercados de "Eurodólar", isto é, dólares mantidos por bancos fora dos Estados Unidos em contas nos próprios Estados Unidos......


Isso é o que, resumidamente, chamamos de mercados de "Eurodólares"


Também adianto parte do que está escrito abaixo quanto a origem do mercado de Eurodólares.


O mercado nasce essencialmente, ao longo da Guerra Fria.


Os russos dispunham de uma quantidade imensa de dólares; no entanto, mesmo por conta do fim da Segunda Guerra, mas, por conta da Guerra Fria, ainda receavam que, uma vez depositados nos bancos americanos, o dinheiro fosse retido.


Por conta disso, os bancos ingleses se ofereceram a "depositar" seus dólares.


Assim, os ingleses simplesmente transferiam os dólares para bancos americanos.


Em tese, os dólares eram dos ingleses; na prática, dos russos.


Ali nascia o mercado de "Eurodólares"


Abaixo, transcrevi um texto de capítulo publicado em estudo do próprio Governo dos EUA, mais precisamente do Congresso americano de 1977 , e também transcrevi 2 capitulos disponibilizados em texto atrelado a Universidade de Chicago

Existem alguns desses na Internet

Esse, numa pesquisa rápida, é o que me pareceu mais didático

Antes, o mais "básico"....a definição na "investopedia"

___________________________________

http://www.investopedia.com/terms/e/eurodollar.asp

"What is the 'Eurodollar'

The term eurodollar refers to U.S. dollar-denominated deposits at foreign banks or foreign branches of American banks; by being located outside of the United States, eurodollars escape regulation by the Federal Reserve Board, including reserve requirements. Dollar-denominated deposits not subject to U.S. banking regulations were originally held almost exclusively in Europe, hence the name eurodollar. They are also widely held in branches located in the Bahamas and the Cayman Islands."

Background

The eurodollar market dates back to the period after World War II. Much of Europe was devastated by the war, and the United States provided funds via the Marshall Plan to rebuild the continent. This led to wide circulation of dollars overseas, and the development of a separate, less regulated market for the deposit of those funds. Unlike domestic U.S. deposits, the funds are not subject to the Federal Reserve Bank's reserve requirement; eliminating that cost allows banks to pay higher interest. They are also not covered by FDIC insurance.


Many American banks have offshore branches, usually in the Caribbean, through which they accept eurodollar deposits. European banks are also active in the market. The transactions for Caribbean branches of U.S. banks are generally executed by traders physically situated in U.S. dealing rooms, and the money is on loan to fund domestic and international operations.

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http://www.jec.senate.gov/reports/95th%20Congress/Some%20Questions%20and%20Brief%20Answers%20About%20the%20Eurodollar%20Market%20(812).pdf


2. How Did the Eurodollar Market Originate, What Factors
Have Been Responsible for Its Growth, and What Is Its Current
Size?

The amount of credits extended through banks operating in the
expanded Eurocurrency market, which now includes not only dollars
but also sterling, German marks, Swiss francs, and other currencies
and which encompasses Canada, Japan, Hong Kong, Singapore, and
the Caribbean, as well as Europe, has grown from about $7 billion in
1963 to approximately $250 billion at the end of 1975. A deposit
denominated in other than the domestic currency in a bank anywhere
in the world is now loosely referred to as a Eurocurrency deposit.
The motivation underlying the inception of the Eurodollar market
was the desire to avoid regulation, either regulations already in effect
or additional restrictions that depositors feared might be imposed.
Among the first depositors of dollars in European banks were the
Russians. Soviet enterprises were earning dollars both by selling gold
and by exporting to the United States and to other countries. They
feared that accounts opened in U.S. banks might be attached by Americans
who had claims against the Soviet Government. The preferred
alternative, therefore, was to place their dollar earnings in European
banks. The 1958 abolition of most exchange controls in Europe permitted
the growth of the Eurodollar market to accelerate. By the
mid-1960's this market was a recognized force in European credit

markets.


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https://www.chicagobooth.edu/~/media/44CEE6C8A25B4FF2A48925163DAA2F85.pdf


What are Euro-dollars?


Just what are Euro-dollars? They are deposit
liabilities, denominated in dollars, of banks outside
the United States. Engaged in Euro-dollar
business, for example, are foreign commercial
banks such as the Bank of London and South
America, Ltd., merchant banks such as Morgan
Grenfell and Co., Ltd., and many of the foreign
branches of U.S. commercial banks. Funds placed
with these institutions may be owned by anyoneU.S.
or foreign residents or citizens, individuals or
corporations or governments. Euro-dollars have
two basic characteristics: first, they are shortterm
obligations to pay dollars; second, they are
obligations of banking offices located outside
the U.S. In principle, there is no hard and fast
line between Euro-dollars and other dollar-denominated
claims. on non-U.S. institutions-just
as there is none between claims in the U.S. that
we call “money” and other short-term claims.
The precise line drawn in practice depends on
the exact interpretation given to “short-term”
and to “banks.” Nothing essential in this article
is affected by the precise point at which the line
is drawn.
A homely parallel to Euro-dollars is to be
found in the dollar deposit liabilities of bank
offices located in the city of Chicago-which
could similarly be called “Chicago dollars.” Like
Euro-dollars, “Chicago dollars” consist of obligations
to pay dollars by a collection of banking
offices located in a particular geographic area.
Again, like Euro-dollars, they may be owned by
anyone-residents or nonresidents of the geographic
area in question.
The location of the banks is important primarily
because it affects the regulations under
which the banks operate and hence the way
that they can do business. Those Chicago banks
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that are members of the Federal Reserve System
must comply with the System’s requirements
about reserves, maximum interest rates payable
on deposits, and so on; and in addition, of
course, with the requirements of the Comptroller
of the Currency if they are national
banks, and of the Illinois State Banking Commission
if they are state banks.
Euro-dollar banks are subject to the regulations
of the relevant banking authorities in
the country in which they operate. In practice,
however, such banks have been subject neither
to required reserves on Euro-dollar deposits
nor to maximum ceilings on the rates of interest
they are permitted to pay on such deposits.


Regulation and Euro-dollars

The difference in regulation has played a key
role in the development of the Euro-dollar
market. No doubt there were minor precursors,
but the initial substantial Euro-dollar deposits in
the post-World War II period originated with the
Russians, who wanted dollar balances but recalled
that their dollar holdings in the U.S. had
been impounded by the Alien Property Custodian
in World War II. Hence they wanted
dollar claims not subject to U.S. governmental
control.
The most important regulation that has stimulated
the development of the Euro-dollar
market has been Regulation Q, under which
the Federal Reserve has fixed maximum interest
rates that member banks could pay on time
deposits. Whenever these ceilings became effective,
Euro-dollar deposits, paying a higher
interest rate, became more attractive than U.S.
deposits, and the Euro-dollar market expanded.
U.S. banks then borrowed from the Euro-dollar
market to replace the withdrawn time deposits.
A third major force has been the direct and
indirect exchange controls imposed by the U.S.
for “balance-of-payments” purposes-the inter-
5
est-equalization tax, the “voluntary” controls
on bank lending abroad and on foreign investment,
and, finally, the compulsory controls instituted
by President Johnson in January 1968.
Without Regulation Q and the exchange controls-all
of which, in my opinion, are both unnecessary
and undesirable-the Euro-dollar market,
though it might still have existed, would not
have reached anything like its present dimensions.
Fractional reserves
Euro-dollar deposits like “Chicago deposit