全球智库信息集成服务系统(G2TT): DP13254 Are Banking and Capital Markets Union Complements? Evidence from Channels of Risk Sharing in the Eurozone

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13254
	DP13254 Are Banking and Capital Markets Union Complements? Evidence from Channels of Risk Sharing in the Eurozone
	Mathias Hoffmann; Egor Maslov; Iryna Stewen; Bent E Sørensen
发表日期	2018-10-18
出版年	2018
语种	英语
摘要	The interplay of equity market and banking integration is of first-order importance for risk sharing in the EMU. While EMU created an integrated interbank market, "direct'' banking integration (in terms of direct cross-border bank-to-real sector flows or cross-border banking-consolidation) and equity market integration remained limited. We find that direct banking integration is associated with more risk sharing, while interbank integration is not. Further, interbank integration proved to be highly procyclical, which contributed to the freeze in risk sharing after 2008. Based on this evidence, and a stylized DSGE model, we discuss implications for banking union. Our results show that real banking integration and capital market union are complements and robust risk sharing in the EMU requires both.
主题	International Macroeconomics and Finance
关键词	Capital union Banking union
URL	https://cepr.org/publications/dp13254-1
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/542062
推荐引用方式 GB/T 7714	Mathias Hoffmann,Egor Maslov,Iryna Stewen,et al. DP13254 Are Banking and Capital Markets Union Complements? Evidence from Channels of Risk Sharing in the Eurozone. 2018.