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Cross-border spillovers of macroprudential policy in the Euro area
| dc.rights.license | open | en_US |
| hal.structure.identifier | Laboratoire d'analyse et de recherche en économie et finance internationales [Larefi] | |
| dc.contributor.author | BADARAU, Cristina | |
| hal.structure.identifier | Laboratoire d'analyse et de recherche en économie et finance internationales [Larefi] | |
| dc.contributor.author | CARIAS, Marcos | |
| hal.structure.identifier | Laboratoire d'analyse et de recherche en économie et finance internationales [Larefi] | |
| dc.contributor.author | FIGUET, Jean-Marc
IDREF: 111915201 | |
| dc.date.accessioned | 2022-05-23T14:19:46Z | |
| dc.date.available | 2022-05-23T14:19:46Z | |
| dc.date.issued | 2020 | |
| dc.identifier.issn | 1062-9769 | en_US |
| dc.identifier.uri | oai:crossref.org:10.1016/j.qref.2020.01.005 | |
| dc.identifier.uri | https://oskar-bordeaux.fr/handle/20.500.12278/140101 | |
| dc.description.abstractEn | Financial flows between heterogeneous member states were crucial drivers of the imbalances that culminated in the Euro crisis. Macroprudential instruments, by affecting the behavior of international banks, can have secondary effects on the financial cycles of other member states. However, countercyclical tools like the Basel III capital buffer are mostly set by independent authorities with national stabilization mandates. Should regulators coordinate macroprudential policy, and if so how? Using a small two-country NK model with financial frictions, we show that macroprudential responses in core economies can have destabilizing spillover effects on a financially dependent periphery through interbank lending. We subsequently evaluate a policy rule in which the core regulator internalizes these spillovers and compare it to prevailing national stabilization rule. While national rules deliver a good performance in general, under certain conditions internalization becomes preferable. | |
| dc.language.iso | EN | en_US |
| dc.source | crossref | |
| dc.subject.en | Macroprudential | |
| dc.subject.en | Capital regulation | |
| dc.subject.en | Basel III | |
| dc.subject.en | Monetary union | |
| dc.subject.en | New-Keynesian model | |
| dc.subject.en | Cross-border spillovers | |
| dc.title.en | Cross-border spillovers of macroprudential policy in the Euro area | |
| dc.type | Article de revue | en_US |
| dc.identifier.doi | 10.1016/j.qref.2020.01.005 | en_US |
| dc.subject.hal | Économie et finance quantitative [q-fin] | en_US |
| dc.subject.jel | E - Macroeconomics and Monetary Economics::E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit::E58 - Central Banks and Their Policies | en_US |
| dc.subject.jel | F - International Economics::F3 - International Finance::F34 - International Lending and Debt Problems | en_US |
| dc.subject.jel | F - International Economics::F4 - Macroeconomic Aspects of International Trade and Finance::F45 - Macroeconomic Issues of Monetary Unions | en_US |
| dc.subject.jel | F - International Economics::F4 - Macroeconomic Aspects of International Trade and Finance::F42 - International Policy Coordination and Transmission | en_US |
| dc.subject.jel | F - International Economics::F3 - International Finance::F36 - Financial Aspects of Economic Integration | en_US |
| dc.subject.jel | G - Financial Economics::G1 - General Financial Markets::G18 - Government Policy and Regulation | en_US |
| bordeaux.journal | Quarterly Review of Economics and Finance | en_US |
| bordeaux.page | 1-13 | en_US |
| bordeaux.volume | 77 | en_US |
| bordeaux.hal.laboratories | Laboratoire d'analyse et de recherche en économie et finance internationales (LAREFI) - EA2954 | en_US |
| bordeaux.institution | Université de Bordeaux | en_US |
| bordeaux.institution | CNRS | en_US |
| bordeaux.peerReviewed | oui | en_US |
| bordeaux.inpress | non | en_US |
| bordeaux.import.source | dissemin | |
| hal.identifier | hal-03492420 | |
| hal.version | 1 | |
| hal.export | true | |
| workflow.import.source | dissemin | |
| dc.rights.cc | Pas de Licence CC | en_US |
| bordeaux.COinS | ctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.jtitle=Quarterly%20Review%20of%20Economics%20and%20Finance&rft.date=2020&rft.volume=77&rft.spage=1-13&rft.epage=1-13&rft.eissn=1062-9769&rft.issn=1062-9769&rft.au=BADARAU,%20Cristina&CARIAS,%20Marcos&FIGUET,%20Jean-Marc&rft.genre=article |
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