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dc.contributor.authorMalmierca Ordoqui, María
dc.date.accessioned2022-09-16T08:41:42Z
dc.date.available2022-09-16T08:41:42Z
dc.date.issued2020
dc.identifier.citationMalmierca, María, Do TARGET Balances Determine the Macroprudential Policy Effects? (February 16, 2020). Available at SSRN: https://ssrn.com/abstract=3541771 or http://dx.doi.org/10.2139/ssrn.3541771es
dc.identifier.urihttp://hdl.handle.net/20.500.12766/380
dc.description.abstractThe cross-border payment transactions between countries of the Eurosystem originate the TARGET balances of the national central banks vis-a-vis the European Central Bank. This payment platform contributes to financial integration in the Euro Area, what brings numerous advantages for the national and worldwide economies. However, it also entails the risk of fast crisis contagion and widespread economic and financial destabilization. Thus, there is an important role for macroprudential policy in this context, to ensure a sustainable and stable financial integration. But the stabilization properties and spillovers of macroprudential regulation vary across countries. Using a two-country new Keynesian model for a monetary union I find that the international financial positions of the economies might determine the macroprudential policy effects after a symmetric financial shock.es
dc.language.isoenges
dc.publisherSSRNes
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internacional*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.titleDo TARGET Balances Determine the Macroprudential Policy Effects?es
dc.typepreprintes
dc.description.departmentEmpresaes
dc.identifier.doi10.2139/ssrn.3541771
dc.rights.accessRightsopen accesses
dc.subject.areaFinanzas Empíricases
dc.subject.keywordInternational financial marketses
dc.subject.keywordPublic leveragees
dc.subject.keywordStabilizationes


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