| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13522 |
| DP13522 The Euro Crisis in the Mirror of the EMS | |
| Giancarlo Corsetti; Galina Hale; Eric Tallmann | |
| 发表日期 | 2019-02-11 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Why was recovery from the euro area crisis delayed for a decade? The explanation lies in the absence of credible and timely policies to backstop financial intermediaries and sovereign debt markets. In this paper we add light and color to this analysis, contrasting recent experience with the 1992-3 crisis in the European Monetary System, when national central banks and treasuries more successfully provided this backstop. In the more recent episode, the incomplete development of the euro area constrained the ability of the ECB and other European institutions to do likewise. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Financial crises Sovereign and banking risk Backstop Currency devaluation |
| URL | https://cepr.org/publications/dp13522 |
| 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/542337 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Galina Hale,Eric Tallmann. DP13522 The Euro Crisis in the Mirror of the EMS. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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