| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23205 |
| 来源ID | Working Paper 23205 |
| Aftershocks of Monetary Unification: Hysteresis with a Financial Twist | |
| Tamim Bayoumi; Barry Eichengreen | |
| 发表日期 | 2017-02-27 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency area, although moderating this concern was the finding that it was possible to distinguish a regional core and periphery (Bayoumi and Eichengreen, 1993). Revisiting these issues, we find that the United States is remains closer to an optimum currency area than the Euro Area. More intriguingly, the Euro Area shows striking changes in correlations and responses which we interpret as reflecting hysteresis with a financial twist, in which the financial system causes aggregate supply and demand shocks to reinforce each other. An implication is that if the Euro Area wishes to avoid financial booms and busts it will need vigorous, coordinated regulation of its banking and financial systems by a single supervisor—that monetary union without banking union will be prone to economic and financial instability. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w23205 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580879 |
| 推荐引用方式 GB/T 7714 | Tamim Bayoumi,Barry Eichengreen. Aftershocks of Monetary Unification: Hysteresis with a Financial Twist. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23205.pdf（591KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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