A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy

Detalhes bibliográficos
Autor(a) principal: Soares, Carla Sofia Caeiro
Data de Publicação: 2019
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/69940
Resumo: It is widely accepted that there are welfare bene ts from financial integration via risk sharing of idiosyncratic shocks. However, evidence suggests that aggregate shocks are preponderant in explaining business cycles, at least in the US and the euro area. This thesis discusses this idea, both theoretically and empirically, in the background of the euro area before and after the Great Recession. There are welfare gains for a SOE of financial integration, even when faced with aggregate shocks. A sudden stop scenario is thus more relevant for this SOE, but can be counteracted with monetary policy intervention in the affected markets.
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spelling A small open economy before and during the crisis: the importance of banks, asset markets and monetary policyMonetary policyBankingFinancial crisisEuro areaDomínio/Área Científica:Ciências Sociais::Economia e GestãoIt is widely accepted that there are welfare bene ts from financial integration via risk sharing of idiosyncratic shocks. However, evidence suggests that aggregate shocks are preponderant in explaining business cycles, at least in the US and the euro area. This thesis discusses this idea, both theoretically and empirically, in the background of the euro area before and after the Great Recession. There are welfare gains for a SOE of financial integration, even when faced with aggregate shocks. A sudden stop scenario is thus more relevant for this SOE, but can be counteracted with monetary policy intervention in the affected markets.Correia, Isabel HortaBatista, CátiaRUNSoares, Carla Sofia Caeiro2020-01-01T01:31:10Z20192019-01-01T00:00:00Zdoctoral thesisinfo:eu-repo/semantics/publishedVersionapplication/pdfhttp://hdl.handle.net/10362/69940TID:101437854enginfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-05-22T17:39:37Zoai:run.unl.pt:10362/69940Portal AgregadorONGhttps://www.rcaap.pt/oai/openairemluisa.alvim@gmail.comopendoar:71602024-05-22T17:39:37Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
title A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
spellingShingle A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
Soares, Carla Sofia Caeiro
Monetary policy
Banking
Financial crisis
Euro area
Domínio/Área Científica:Ciências Sociais::Economia e Gestão
title_short A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
title_full A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
title_fullStr A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
title_full_unstemmed A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
title_sort A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
author Soares, Carla Sofia Caeiro
author_facet Soares, Carla Sofia Caeiro
author_role author
dc.contributor.none.fl_str_mv Correia, Isabel Horta
Batista, Cátia
RUN
dc.contributor.author.fl_str_mv Soares, Carla Sofia Caeiro
dc.subject.por.fl_str_mv Monetary policy
Banking
Financial crisis
Euro area
Domínio/Área Científica:Ciências Sociais::Economia e Gestão
topic Monetary policy
Banking
Financial crisis
Euro area
Domínio/Área Científica:Ciências Sociais::Economia e Gestão
description It is widely accepted that there are welfare bene ts from financial integration via risk sharing of idiosyncratic shocks. However, evidence suggests that aggregate shocks are preponderant in explaining business cycles, at least in the US and the euro area. This thesis discusses this idea, both theoretically and empirically, in the background of the euro area before and after the Great Recession. There are welfare gains for a SOE of financial integration, even when faced with aggregate shocks. A sudden stop scenario is thus more relevant for this SOE, but can be counteracted with monetary policy intervention in the affected markets.
publishDate 2019
dc.date.none.fl_str_mv 2019
2019-01-01T00:00:00Z
2020-01-01T01:31:10Z
dc.type.driver.fl_str_mv doctoral thesis
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/69940
TID:101437854
url http://hdl.handle.net/10362/69940
identifier_str_mv TID:101437854
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/embargoedAccess
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv mluisa.alvim@gmail.com
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