Merler, Silvia, (2015), ” Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area”, Bruegel Publications, Νοέμβριος.
The financial crisis has prompted a renewed interest in macro-prudential policy as a framework to address the stability of the financial system as a whole, rather than only its individual components. The purpose of this paper is to contribute to the European macro-prudential discussion by establishing empirically the special challenges that the set-up of macro-prudential policy in the euro area needs to confront.
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