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：2011
出版社：European Central Bank
摘要：This paper analyses the impact of the global fi nancial crisis on euro area cross-border fi nancial fl ows by comparing recent developments with the main pre-crisis trends. Two prominent features of the period of turmoil were (i) the sizeable deleveraging of external fi nancial exposures by the private sector and, in particular, the banking sector from 2008 and (ii) the signifi cant changes in the composition of euro area cross-border portfolio fl ows, as investors shifted from equity to debt instruments, from long-term to short-term debt instruments and from private to public sector securities. Since 2009 such trends have started reversing. However, as balance sheet restructuring by fi nancial and non-fi nancial corporations continues, cross-border fi nancial fl ows have remained well below pre-crisis levels. The degree of resumption and volatility of crossborder fi nancial activity may have a major bearing on growth prospects for the euro area and may also matter from a fi nancial stability perspective. We argue that the recent experience, fi rst of extraordinary growth and then of scaling down of international fi nancial activity, calls for enhanced monitoring of developments in crossborder fi nancial fl ows so that the underlying risks to the domestic economy stemming from the fi nancial sector can be better assessed. Looking forward, successful implementation of policy actions to promote macroeconomic discipline and enhance fi nancial regulation and supervision could infl uence, inter alia, the composition and volume of cross-border capital fl ows, contributing to a more effi cient and sustainable allocation of resources.
关键词：global fi nancial crisis; euro area;capital fl ows.
