出版社："Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences
摘要：The last global financial crisis has shown that the volatility of financial flows has adverse impacts on growth prospects and has an important role from a financial stability perspective. The article has the purpose to analyze why Europe was the most affected region by a reversal and a heightened volatility of cross-border flows both during the global financial crisis and in the aftermath of it, and to identify the main policy responses to this issue at the international and European level. For achieving these purposes the authors review the benefits and the costs of financial integration and present the main characteristics of cross-border capital flows with destabilizing effects on financial markets. The analysis finds that significant progress related to managing the volatility of financial flows through regulatory and supervisory reform of the financial market have been made since 2008, both at the international and European level. However, further steps should be taken for enhancing cross-border cooperation at the global level in order to effectively use the limited implementation resources. For preserving the financial stability in Europe further actions should be implemented to address the existing weaknesses related to adverse incentives or moral hazard risks by a deeper financial and fiscal integration.
关键词：cross-border financial flows; financial integration; volatility; financial crisis; financial stability; policy responses; the U.S.; the euro area
