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How much discretion should local financial regulators in a banking union have in accommodating local credit demand? I analyze this question in an economy where local regulators privately observe expected output from high lending. They do not fully internalize default costs from high lending...
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various other European integration efforts following the second world war. Financial regulatory and supervisory integration … 2007, and especially in the euro area after 2010. That crisis triggered major changes to European financial regulation and …
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