Macro-Financial Stability Under Emu

descriptionPublicationkeyboard_double_arrow_right Article , Research , Preprint 01 Jan 2016 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Lane, Philip R.;

doi: 10.2139/ssrn.3723348

handle: 10419/193508

Macro-Financial Stability Under Emu

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Abstract

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.

Keywords

G28, international capital flows, ddc:330, EMU; financial stability; macroprudential, exchange rate, macroeconomic stabilisation, inflation, E52, E65, financial stability, jel: jel:E50, jel: jel:F32, jel: jel:F30

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