A small open economy before and during the crisis: the importance of banks, asset markets and monetary policy
It is widely accepted that there are welfare bene ts from financial integration via risk sharing of idiosyncratic shocks. However, evidence suggests that aggregate shocks are preponderant in explaining business cycles, at least in the US and the euro area. This thesis discusses this idea, both theor...
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| Format: | doctoralThesis |
| Language: | eng |
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2020
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| Online Access: | http://hdl.handle.net/10362/69940 |
| Country: | Portugal |
| Oai: | oai:run.unl.pt:10362/69940 |