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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

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  • JEAN-CHRISTOPHE POUTINEAU
  • GAUTHIER Vermandel

Abstract

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.

Suggested Citation

  • JEAN-CHRISTOPHE POUTINEAU & GAUTHIER Vermandel, 2013. "Integration Bancaire Et Conjoncture Macroeconomique Dans Une Union Monetaire Heterogene: The Macroeconomic Consequences Of Banking Integration In An Heterogenous Monetary Union," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 56(3-4), pages 241-260.
  • Handle: RePEc:bxr:bxrceb:2013/174852
    Note: Special Issue30th Symposium on Money, Banking and FinanceGuest editors: Christian Aubin, Noëlle Duport andDaniel Goyeau
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    More about this item

    Keywords

    Intégration bancaire / Banking globalization; Politique monétaire / Monetary policy; Accélérateur financier / Financial accelerator; Euro / Eurozone;

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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