Arbeitspapier

Macro-financial stability under EMU

This paper examines the cyclical behaviour of country-level macro-financial variables under EMU. Monetary union strengthened the covariation pattern between the output cycle and the financial cycle, while macro-financial policies at national and area-wide levels were insuffciently counter-cyclical during the 2003-2007 boom period. We critically examine the policy reform agenda required to improve macro-financial stability.

ISBN
978-92-95081-26-0
Language
Englisch

Bibliographic citation
Series: ESRB Working Paper Series ; No. 1

Classification
Wirtschaft
Monetary Policy
Studies of Particular Policy Episodes
Financial Institutions and Services: Government Policy and Regulation
Subject
macroeconomic stabilisation
financial stability
international capital flows
inflation
exchange rate

Event
Geistige Schöpfung
(who)
Lane, Philip R.
Event
Veröffentlichung
(who)
European Systemic Risk Board (ESRB), European System of Financial Supervision
(where)
Frankfurt a. M.
(when)
2016

DOI
doi:10.2849/392960
Handle
Last update
10.03.2025, 11:42 AM CET

Data provider

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Object type

  • Arbeitspapier

Associated

  • Lane, Philip R.
  • European Systemic Risk Board (ESRB), European System of Financial Supervision

Time of origin

  • 2016

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