Understanding Monetary Spillovers in Highly Integrated Regions: The Case of Europe*

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-03-29 DOI:10.1111/obes.12549

Martin Feldkircher, Helene Schuberth

引用次数: 0

Abstract

We analyse why conventional monetary policy tightening in the euro area leads to a deterioration of output in Central-, East and Southeastern Europe (CESEE). Our findings show that negative spillovers mainly arise through a decline in CESEE imports and exports, induced by a decrease in euro area demand. Negative spillovers are amplified through knock-on effects through third-countries and cannot be cushioned by favourable exchange rate movements. We also find evidence for a broad-based retrenchment of cross-border bank flows to the region. For the CESEE policymaker, our results indicate a limited power of exchange rate policies to buffer foreign, adverse monetary policy shocks.

查看原文本刊更多论文

理解高度一体化地区的货币溢出：以欧洲为例*

我们分析了欧元区传统货币政策收紧导致中欧、东欧和东南欧(CESEE)产出恶化的原因。我们的研究结果表明，负溢出效应主要是由欧元区需求下降引起的CESEE进出口下降引起的。负面溢出效应通过第三国的连锁效应被放大，无法通过有利的汇率变动得到缓冲。我们还发现有证据表明，流入该地区的跨境银行资金普遍减少。对于CESEE政策制定者来说，我们的研究结果表明，汇率政策缓冲外国不利货币政策冲击的能力有限。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.