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, depres...
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| 格式: | 雜誌 |
| 語言: | English |
| 出版: |
Washington, D.C. :
International Monetary Fund,
2018.
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| 叢編: | IMF Working Papers; Working Paper ;
No. 2018/205 |
| 在線閱讀: | Full text available on IMF |