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International Financial Stability

In: The Euro and International Financial Stability

Author

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  • Efthymios G. Tsionas

    (Athens University of Economics and Business)

Abstract

With competitive banking and/or freely moving interest rates in Europe, what would happen if elsewhere in the world, there was monetary or credit expansion and competition from foreign banks and financial institutions? If foreign governments (say the United States) continue to expand their deficits and/or the money base, a classical recession will take place to correct the misallocations of investment with its subsequent effects in factor and product markets. The recession would certainly affect European exports to the United States but it would promote them in countries that used to import from the United States. With no pressures upon the Euro coming from fragile financial markets, the appreciation of the dollar would only make the recession worse in the United States.

Suggested Citation

  • Efthymios G. Tsionas, 2014. "International Financial Stability," Financial and Monetary Policy Studies, in: The Euro and International Financial Stability, edition 127, chapter 0, pages 153-163, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-01171-4_24
    DOI: 10.1007/978-3-319-01171-4_24
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    Cited by:

    1. repec:pra:mprapa:67187 is not listed on IDEAS
    2. Anton, Roman, 2015. "Monetary Development and Transmission in the Eurosystem," MPRA Paper 67323, University Library of Munich, Germany, revised 08 Oct 2015.

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