دانلود مقاله ISI انگلیسی شماره 45155
ترجمه فارسی عنوان مقاله

یکپارچگی مالی در منطقه یورو: اثرات طرفدار دوره ای و همگرایی اقتصادی

عنوان انگلیسی
Financial integration in the euro area: Pro-cyclical effects and economic convergence ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
45155 2015 8 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 44, January 2015, Pages 335–342

ترجمه کلمات کلیدی
اتحادیه پولی اروپا - اثرات منطقه ای - اوراق بهادار بانک مرزی - انتقال پول - یکپارچگی مالی - جریان سرمایه بین المللی - همگرایی
کلمات کلیدی انگلیسی
European monetary union; Regional effects; Cross-border bank portfolios; Monetary transmission; Financial integration; International capital flows; ConvergenceE58; G28
پیش نمایش مقاله
پیش نمایش مقاله  یکپارچگی مالی در منطقه یورو: اثرات طرفدار دوره ای و همگرایی اقتصادی

چکیده انگلیسی

This paper investigates the role of financial integration in the macro-economic adjustment process of countries inside EMU. We employ a confidential bilateral version of the locational banking statistics granted to us by the Bank of International Settlements. We use this dataset to measure the impact of the external positions of banks in member countries on firstly, business cycle synchronization, and secondly, long-term economic convergence. To measure the impact on business cycle synchronization, we include intra-European bank capital flows in a New-Keynesian IS equation for the euro area. Second, we use the dataset on bilateral cross-border claims and liabilities to establish a long-term panel cointegration relationship between GDP, housing prices and net bank capital flows. Our results indicate that since the introduction of the euro, financial integration has negatively affected the macroeconomic adjustment process of countries within the union. Cross-border bank portfolios adversely affect business cycle synchronization as well as long-run convergence.