Squaring the cycle- capital flows, financial cycles, and macro-prudential policy in the euro area
Silvia Merler ()
Working Papers from Bruegel
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...
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Persistent link: https://EconPapers.repec.org/RePEc:bre:wpaper:11000
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