ECB paper models influence of financial fragmentation on eurozone crisis
Authors run three scenarios modelling some key stages of eurozone crisis
Financial fragmentation between states had a significant influence on the eurozone's financial crisis, a working paper published by the European Central Bank argues.
In Parsing financial fragmentation in the euro area: a multi-country DSGE perspective, Matthieu Darracq Pariès, Pascal Jacquinot and Niki Papadopoulou construct a dynamic stochastic general equilibrium (DSGE) model for the eurozone. Building on a 2013 paper by Corsetti et al, their model stresses the effect of credit channels on
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