Intégration bancaire et conjoncture macroéconomique dans une union monétaire hétérogène
Over the past 15 years, financial integration in the Euro Area has been conducted in part through the development of cross-border bank flows. This article examines the macroeconomic consequences of cross-border loans using a DSGE model of a monetary union estimated on German and French country data. We find that cross-border facilities significantly affect the international transmission of asymmetric shocks. This cross-border channel has had more impact on France as Germany and strengthened the dissemination of financial shocks between the two countries. Finally, the variations in the ECB's key rate became more sensitive to shocks of a financial nature at the expense of real shocks.
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|Date of creation:||2014|
|Publication status:||Published in Brussels Economic Review / Cahiers Economiques de Bruxelles, 2014, 56 (3-4)|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01275874|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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