| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9937 |
| DP9937 The Euro and the Geography of International Debt Flows | |
| Maurice Obstfeld; Galina Hale | |
| 发表日期 | 2014-04-13 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Greater financial integration between core and peripheral EMU members had an effect on both sets of countries. Lower interest rates allowed peripheral countries to run bigger deficits, which inflated their economies by allowing credit booms. Core EMU countries took on extra foreign leverage to expose themselves to the peripherals. The result has been asset-price bubbles and collapses in some of the peripheral countries, area-wide banking crisis, and sovereign debt problems. We analyze the geography of international debt flows using multiple data sources and provide evidence that after the euro's introduction, Core EMU countries increased their borrowing from outside of EMU and their lending to the EMU periphery. |
| 主题 | International Macroeconomics |
| 关键词 | International debt Emu International banking Global imbalances Euro crisis |
| URL | https://cepr.org/publications/dp9937 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538771 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld,Galina Hale. DP9937 The Euro and the Geography of International Debt Flows. 2014. |
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