| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26026 |
| 来源ID | Working Paper 26026 |
| Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets | |
| Joseba Martinez; Thomas Philippon; Markus Sihvonen | |
| 发表日期 | 2019-07-01 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply shocks (productivity and quality shocks). Using a calibrated model we provide evidence of substantial welfare gains from a banking union and, in the presence of supply shocks, from a capital market union. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w26026 |
| 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/583699 |
| 推荐引用方式 GB/T 7714 | Joseba Martinez,Thomas Philippon,Markus Sihvonen. Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets. 2019. |
| 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 | ||
| w26026.pdf（526KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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