期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：The euro area experience during the nancial crisis highlighted the importance of nancialand sovereign risk factors in macroeconomic propagation, as well as the constraints that banklending fragmentation would pose for monetary policy conduct in a currency union. We designa 6-region multi-country DSGE model which provides a structural interpretation of the salientfeatures of these developments. The model spans the relevant " nancial wedges" at play duringthe crisis, together with its cross-country heterogeneity within the euro area, focusing on Ger-many, France, Italy, Spain, and rest-of-euro area. We construct three stylised macro- nancialscenarios as a synopsis of the euro area nancial crisis and argue that the adverse interactionsbetween sovereign, banking and corporate risk, can account to a large extent for the nancialrepression and poor economic performance observed in some parts of the euro area.
关键词：DSGE models; banking; nancial regulation; cross-country spillovers; bank lending;rates.
