higher than previous studies perceived. We also analyse home bias in debt securities holdings, and euro-area bias. We … cross-country diversification. We calculate home bias indicators for the aggregate of the euro area as if the euro area was … a single country and report remarkable similarity between the euro area and the United States in terms of equity home …

euro area and systemic European economies. …

currency union and strongly correlated with intra-euro area capital flows. Macro-prudential policy will need to deal with … financial cycles and intra-euro area capital flows raises the question of whether macro-prudential policy in the euro area can …

economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two … functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic … infrastructures and political safeguards. -- Eurobonds ; eurozone ; fiscal risk-sharing ; European ; Monetary Union …