The role of financial markets' openness in the transmission of shocks in Europe

Ray Barrell and Dawn Holland

No 271, National Institute of Economic and Social Research (NIESR) Discussion Papers from National Institute of Economic and Social Research

Abstract: In this paper we report the results of a series of internal and external shocks on the Euro Area, using the National Institute's Global Econometric Model, NiGEM. The differences in impacts across countries are discussed, stressing the role of openness to the rest of the world, the nature of investment finance, the importance of wealth in different economies, and the impact of liquidity constrained consumers on the transmission mechanism. The link between financial market integration and channels of policy transmission is closely studied.

Date: 2006-04
New Economics Papers: this item is included in nep-eec and nep-eff
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Persistent link: https://EconPapers.repec.org/RePEc:nsr:niesrd:271

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