Since the introduction of the single currency in 1999 European Monetary Union has played a key role in the process of financial integration, not only within the euro area, but also at the global level. The global financial crisis, which started in mid-2007 and came to a head after the collapse of Lehman [...]
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Posted on February 20th, 2012
Posted on February 19th, 2012
This paper studies the implications of cross-border financial integration for financial stability when banks’ loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When banks have a comparative advantage in providing credit to certain industries, financial integration may [...] Posted on February 7th, 2012
This paper examines the policies that have been proposed to solve the financial and sovereign debt crisis in Europe, against the backdrop of what the real underlying problems are: extreme differences in competitiveness; the absence of a growth strategy; sovereign, household and corporate debt at high levels in the very countries that are [...] Posted on February 6th, 2012
On Thursday 2 February Chinese premier Wen Jiabao signalled intention to move towards helping the euro area extricate from its trouble and declared that China was “investigating and evaluating concrete ways in which it can, via the IMF, get more deeply involved in the European debt problem”. Why is China, and more generally [...] Posted on January 5th, 2012
Contents: House Prices and Household Wealth in Canada 46 pages
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