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Integration Bancaire Et Conjoncture Macroeconomique Dans Une Union Monetaire Heterogene: The Macroeconomic Consequences Of Banking Integration In An Heterogenous Monetary Union

Listed author(s):
  • JEAN-CHRISTOPHE POUTINEAU
  • GAUTHIER Vermandel

RESUME :Au cours des 15 dernières années, l'intégration financière au sein de la zone euro s'est effectuée enpartie à travers le développement de flux bancaires transfrontaliers. Cet article étudie lesconséquences macroéconomiques des prêts transfrontaliers à l'aide d'un modèle DSGE décrivantune union monétaire à deux pays estimé sur données allemandes et françaises. On observe que cesflux transfrontaliers affectent de manière significative la transmission internationale des chocsasymétriques. Ce canal transfrontalier a eu plus d'impact sur la France que sur l'Allemagne et arenforcé la diffusion des chocs financiers entre les deux pays. Enfin, les variations du taux directeurde la BCE sont devenues plus sensibles aux chocs de nature financière aux dépends des chocs réels.

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File URL: https://dipot.ulb.ac.be/dspace/bitstream/2013/174852/1/ARTICLEPOUTINEAUVERMANDEL.pdf
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Article provided by ULB -- Universite Libre de Bruxelles in its journal Brussels economic review.

Volume (Year): 56 (2013)
Issue (Month): 3-4 ()
Pages: 241-260

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Handle: RePEc:bxr:bxrceb:2013/174852
Note: Special Issue30th Symposium on Money, Banking and FinanceGuest editors: Christian Aubin, Noëlle Duport andDaniel Goyeau
Contact details of provider: Web page: http://difusion.ulb.ac.be

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