G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13522
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
URLhttps://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.
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