Does a currency union need a capital market union?

被引：2

作者：

Martinez, Joseba ^{[1
,2
]}

Philippon, Thomas ^{[3
,4
]}

Sihvonen, Markus ^{[5
]}

机构：

[1] London Business Sch, London, England

[2] CEPR, London, England

[3] NBER, NYU Stern Sch Business, New York, NY USA

[4] CEPR, New York, NY USA

[5] Bank Finland, Helsinki, Finland

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2022年 / 139卷

关键词：

Risk sharing; Currency union; Banking union; Capital market union; Incomplete markets; INTERNATIONAL DIVERSIFICATION PUZZLE; SUDDEN STOPS; OPEN-ECONOMY; BUSINESS CYCLES; MONETARY-POLICY; ASSET MARKETS; UNITED-STATES; HOME BIAS; RISK; DEBT;

D O I：

10.1016/j.jinteco.2022.103675

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a money market union; a capital market union; and complete fi- nancial markets. We show that a money market union is efficient at sharing domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply shocks (productivity and quality shocks). In a numerical exercise, we find that the wel-fare gain of moving from segmented markets to a money market union is of roughly similar magnitude to that of moving from a money market to a capital market union.(c) 2022 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

引用

页数：30

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