An Imperfect Financial Union With Heterogeneous Regions

An Imperfect Financial Union With Heterogeneous Regions
We analyze a union of financially-integrated yet politically-sovereign countries, where households in the Northern core of the union lend to those in the Southern periphery in a unified debt market subject to a borrowing constraint. This constraint generates sudden stops throughout the South, depresses the intra-union interest rate, and reduces... READ MORE...

Publication date: September 2018
ISBN 9781484375631
$18.00

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