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The European Crisis and the Role of the Financial System

Listed author(s):
  • Constâncio, Vítor
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    The paper aims to provide a deep rationale for Banking Union in the euro area. It shows that the banking sectors of core and peripheral countries were responsible for financing the credit boom that created the imbalances and vulnerabilities that later were at the centre of the crisis. The increase of debt ratios in the periphery until 2007 was more significant for the private sector than for the public sector. The crisis has been as much a banking crisis as a sovereign debt crisis and to avoid similar future risks a European Supervisor and a Resolution Authority are essential.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0164070413001316
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    Article provided by Elsevier in its journal Journal of Macroeconomics.

    Volume (Year): 39 (2014)
    Issue (Month): PB ()
    Pages: 250-259

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    Handle: RePEc:eee:jmacro:v:39:y:2014:i:pb:p:250-259
    DOI: 10.1016/j.jmacro.2013.08.009
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622617

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    1. Alter, Adrian & Beyer, Andreas, 2014. "The dynamics of spillover effects during the European sovereign debt turmoil," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 134-153.
    2. Schoenmaker, Dirk, 2011. "The financial trilemma," Economics Letters, Elsevier, vol. 111(1), pages 57-59, April.
    3. Charles A.E. Goodhart & Anil K Kashyap & Dimitrios P. Tsomocos & Alexandros P. Vardoulakis, 2012. "Financial Regulation in General Equilibrium," NBER Working Papers 17909, National Bureau of Economic Research, Inc.
    4. Alexandros Vardoulakis, 2012. "Financial regulation in general equilibrium," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    5. Smets, Frank & Collard, Fabrice & Boissay, Frédéric, 2013. "Booms and systemic banking crises," Working Paper Series 1514, European Central Bank.
    6. Alexander Popov & Neeltje van Horen, 2013. "The impact of sovereign debt exposure on bank lending: Evidence from the European debt crisis," DNB Working Papers 382, Netherlands Central Bank, Research Department.
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