Merler, Silvia, (2015), ” Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area”, Bruegel Publications, November.
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.
Relevant Posts
- Benigno, Gianluca, Converse, Nathan, Fornaro, Luca, (2015), “International capital flows, sectoral resource allocation, and the financial resource curse”, Voxeu, 11 October.
- Cohen-Setton, Jeremie, (2015), “The then and now of tightening cycles”, Bruegel publications, 14 September.