| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14220 |
| DP14220 Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets | |
| Joseba Martinez; Markus Sihvonen | |
| 发表日期 | 2019-12-19 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply shocks (productivity and quality shocks). Using a calibrated model we provide evidence of substantial welfare gains from a banking union and, in the presence of supply shocks, from a capital market union. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Risk sharing Currency union Banking union Capital market union Incomplete markets |
| URL | https://cepr.org/publications/dp14220 |
| 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/543107 |
| 推荐引用方式 GB/T 7714 | Joseba Martinez,Markus Sihvonen. DP14220 Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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