Financially sustainable optimal currency areas

Autor: Marie-Hélène Gagnon, Andre CARTAPANIS, Céline Gimet
Přispěvatelé: Institut d'Études Politiques [IEP] - Aix-en-Provence, Université Laval [Québec] (ULaval), Aix-Marseille Sciences Economiques (AMSE), École des hautes études en sciences sociales (EHESS)-Aix Marseille Université (AMU)-École Centrale de Marseille (ECM)-Centre National de la Recherche Scientifique (CNRS), ANR-17-EURE-0020,AMSE (EUR),Aix-Marseille School of Economics(2017), ANR-21-CE41-0010,FFIE,Fragmentation financière et inégalités dans la zone euro(2021)
Jazyk: angličtina
Rok vydání: 2023
Předmět:
Zdroj: Finance Research Letters
Finance Research Letters, In press, pp.104059. ⟨10.1016/j.frl.2023.104059⟩
ISSN: 1544-6123
DOI: 10.1016/j.frl.2023.104059⟩
Popis: International audience; In current economic conditions, financial stability is paramount to the proper functioning of open markets. Financial stability must be balanced with financial flexibility. This relationship is deeply affected by financial fragmentation. This is why Central Banks have focused on these issues in the last decade in particular. Both financial stability and financial fragmentation have unintended consequences on optimal currency areas. In this paper, we survey the original optimal currency areas literature and relate it with the new literature on financial stability and financial fragmentation. We highlight the importance of new macroprudential policies both at the national and regional levels.
Databáze: OpenAIRE
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