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Article Dans Une Revue Finance Research Letters Année : 2023

Financially sustainable optimal currency areas

Résumé

In current economic conditions, financial stability is paramount to the proper functioning of open markets. Financial stability must be balanced with financial flexibility. This relationship is deeply affected by financial fragmentation. This is why Central Banks have focused on these issues in the last decade in particular. Both financial stability and financial fragmentation have unintended consequences on optimal currency areas. In this paper, we survey the original optimal currency areas literature and relate it with the new literature on financial stability and financial fragmentation. We highlight the importance of new macroprudential policies both at the national and regional levels.
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Dates et versions

hal-04165420 , version 1 (19-07-2023)

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André Cartapanis, Marie-Hélène Gagnon, Céline Gimet. Financially sustainable optimal currency areas. Finance Research Letters, In press, pp.104059. ⟨10.1016/j.frl.2023.104059⟩. ⟨hal-04165420⟩
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