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The Macroeconomic Consequences Of Banking Integration In An Heterogenous Monetary Union
[Intégration bancaire et conjoncture macroéconomique dans une union monétaire hétérogène]

Listed author(s):
  • Jean-Christophe Poutineau

    ()

    (CREM - Centre de Recherche en Economie et Management - UR1 - Université de Rennes 1 - Université de Caen Basse-Normandie - CNRS - Centre National de la Recherche Scientifique)

  • Gauthier Vermandel

    ()

    (CREM - Centre de Recherche en Economie et Management - UR1 - Université de Rennes 1 - Université de Caen Basse-Normandie - CNRS - Centre National de la Recherche Scientifique)

Au cours des 15 dernières années, l'intégration financière au sein de la zone euro s'est effectuée en partie à travers le développement de flux bancaires transfrontaliers. Cet article étudie lesconséquences macroéconomiques des prêts transfrontaliers à l'aide d'un modèle DSGE décrivant une 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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Paper provided by HAL in its series Post-Print with number halshs-01075885.

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Date of creation: 2014
Publication status: Published in Cahiers Economiques de Bruxelles, Université libre. Département d'économie appliquée, 2014, 56 (3-4), pp.241-260
Handle: RePEc:hal:journl:halshs-01075885
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01075885
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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