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Intégration bancaire et conjoncture macroéconomique dans une union monétaire hétérogène

Listed author(s):
  • Jean-Christophe Poutineau

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique)

  • Gauthier Vermandel

    (LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine, CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - CNRS - Centre National de la Recherche Scientifique)

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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Paper provided by HAL in its series Post-Print with number hal-01345378.

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Date of creation: 2014
Publication status: Published in Brussels Economic Review / Cahiers Economiques de Bruxelles, 2014, 56 (3-4), pp.241-260
Handle: RePEc:hal:journl:hal-01345378
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01345378
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