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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 …
Persistent link: https://www.econbiz.de/10011286667
This paper dwells on the Eurozone woes and addresses the origins of the transition from a fictitious boom to a painful … the future of the Eurozone that will halt the tearing of the social fabric of its member states. …
Persistent link: https://www.econbiz.de/10009687800
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Before the financial and economic crisis, monetary policy unification and interest rate convergence resulted in the divergence of euroarea countries' financial cycles. This divergence is deeply rooted in the financial integration spurred by currency union and strongly correlated with intra-euro...
Persistent link: https://www.econbiz.de/10011384034
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Covid-19 crisis (2020-2021) was significantly more countercyclical than before - in particular in the Eurozone. We do not … performance over 2020-2021 was more in line with the past than for discretionary fiscal policy. Overall, fiscal policy in non-Eurozone … advanced countries is more countercyclical than in the Eurozone. However, the cyclicality varies markedly across countries. Our …
Persistent link: https://www.econbiz.de/10013373264
Persistent link: https://www.econbiz.de/10010359485
The financial crisis modified drastically and rapidly the European financial system's political economy, with the emergence of two competing narratives. First, government agencies are frequently described as being at the mercy of the financial sector, routinely hijacking political, regulatory...
Persistent link: https://www.econbiz.de/10010402807
The financial crisis has exposed the need to devise stronger and broader international and regional safety nets in order to deal with economic and financial shocks and allow for countries to adjust. The euro area has developed several such mechanisms over the last couple of years through a...
Persistent link: https://www.econbiz.de/10009564435
Financial supervision focuses on the aggregate (macroprudential) in addition to the individual (microprudential). But an agreed framework for measuring and addressing financial imbalances is lacking. We propose a holistic approach for the financial system as a whole, beyond banking. Building on...
Persistent link: https://www.econbiz.de/10011389515