| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14216 |
| DP14216 Monetary Union and Financial Integration | |
| Luca Fornero | |
| 发表日期 | 2019-12-19 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Since the creation of the euro, capital flows among member countries have been large and volatile. Motivated by this fact, I provide a theory connecting the exchange rate regime to financial integration. The key feature of the model is that monetary policy affects the value of collateral that creditors seize in case of default. Under flexible exchange rates, national governments can expropriate foreign investors by depreciating the exchange rate. Anticipating this, investors impose tight limits on international borrowing. In a monetary union this source of exchange rate risk is absent, because national governments do not control monetary policy. Forming a monetary union thus increases financial integration by boosting borrowing capacity toward foreign investors. This process, however, does not necessarily lead to higher welfare. The reason is that a high degree of financial integration can generate multiple equilibria, with bad equilibria characterized by inefficient capital flights. Capital controls or fiscal transfers can eliminate bad equilibria, but their implementation requires international cooperation. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Monetary union International financial integration Exchange rates Optimal currency area Capital flights Euro area |
| URL | https://cepr.org/publications/dp14216 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543103 |
| 推荐引用方式 GB/T 7714 | Luca Fornero. DP14216 Monetary Union and Financial Integration. 2019. |
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