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Squaring the cycle- capital flows, financial cycles, and macro-prudential policy in the euro area

Silvia Merler ()

Working Papers from Bruegel

Abstract: Highlights Before the financial and economic crisis, monetary policy unification and interest rate convergence resulted in the divergence of euro-area countries’ financial cycles. This divergence is deeply rooted in the financial integration spurred by currency union and strongly correlated with intra-euro area capital flows. Macro-prudential policy will need to deal with potentially divergent financial cycles, while catering for potential cross-border spillovers from domestic policies, which domestic authorities have little incentive...

Date: 2015-11
New Economics Papers: this item is included in nep-eec, nep-ifn, nep-mac and nep-mon
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