Gräbner-Radkowitsch, Claudius; Heimberger, Philipp; … - 2021
This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock … monetary union - it shows how the simultaneous presence of investment booms, declining export performance and mercantilist … policies within a monetary union can interact in order to create Minsky-type boom-bust cycles. Fiscal policy and an internal …