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Is the euro area getting closer with regard to business cycles? The study investigates the linkage between business cycle convergence and financial portfolio choice for a panel of 18 European countries. For this purpose an index is constructed which measures the similarity of investment...
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emergence of the global fiscal cycle: governments' competition over the provision of reserve assets gives rise to strategic … complementarity in the issuances, even when the reserve assets are substitutes in partial equilibrium. We show our reserve-asset-competition …
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