Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets
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We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks (deleveraging, fiscal
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美国国家经济研究局创建时间：
2019-07-01
