Banking integration and monetary policy fragmentation in the eurozone

Gori, Filippo

doi:10.1007/s10368-016-0369-8

Cited by 4 publications

(2 citation statements)

References 24 publications

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“…Recently, after the worldwide financial crisis, and despite the evidence against the too-big-tofail paradigm, many countries encouraged bank M&A as a solution against financial instability. Reasons alleged are a higher capital solvency if weaker banks are taken over and financially strengthened (Hagendorff and Nieto, 2013), risk diversification (Vallascas and Hagendorff, 2011), a response to reduced margin profits due to information technology and disintermediation (Ekkayokkaya et al, 2009), and a higher efficiency that helps improving financial conditions in distressed economies (Gori, 2016).…”

Section: Introductionmentioning

confidence: 99%

Fusiones en el sector financiero y crédito excesivo

Peón¹,

Antelo²

2018

REyF

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Se propone un modelo de competencia bancaria que incluye un sesgo de exceso de confianza por parte de algunos gestores. Dos son los principales resultados que se derivan del modelo. Primero, una fusión entre bancos racionales puede cambiar su comportamiento de manera que, tras la fusión, seguirían al banco sesgado en condiciones en las que no lo habrían hecho antes de la fusión, ampliando el volumen de crédito concedido por el mercado bancario. Segundo, los resultados obtenidos resuelven la paradoja de las fusiones, en el sentido de que la fusión sería rentable para los participantes y, por tanto, intrínsecamente estable..

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Section: Introductionmentioning

confidence: 99%

Fusiones en el sector financiero y crédito excesivo

Peón¹,

Antelo²

2018

REyF

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“…For evidence that the reversal of financial integration of this period had an impact in reducing the 'singleness' of monetary policy, seeGori (2018).…”

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confidence: 99%

The past, present and future of euro area monetary-fiscal interactions

Whelan

2022

Int Econ Econ Policy

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The EU’s Treaties were designed to limit the interaction between fiscal and monetary policies. However, over the last decade, the introduction of the ECB’s Outright Monetary Transactions (OMT) programme and its sovereign bond purchase programmes has created some strong linkages between monetary and fiscal policies in the Eurosystem. The ECB’s monetary policies have improved fiscal debt sustainability and reduced the probability of sovereign default. However, there may need to be limits to the ECB’s purchases of sovereign bonds. This paper discusses the interactions between fiscal and monetary policies in the euro area and describes how the arguments raised by the European Court of Justice in the Weiss and Gauweiler cases suggest there may be hard limits on the size of the Eurosystem’s sovereign bond holdings. These limits may undermine the positive impact of the OMT announcement and force the ECB into some difficult choices in the coming years.

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Financial market fragmentation and monetary transmission in the euro area: what do we know?

Horváth

2017

Journal of Economic Policy Reform

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Banking integration and monetary policy fragmentation in the eurozone

Cited by 4 publications

References 24 publications

Fusiones en el sector financiero y crédito excesivo

Fusiones en el sector financiero y crédito excesivo

The past, present and future of euro area monetary-fiscal interactions

Financial market fragmentation and monetary transmission in the euro area: what do we know?

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