The increasing financial integration in the Euro Area brings numerous advantages for the national and worldwide economies. However, it also entails the risk of fast crisis contagion and widespread economic and financial destabilization. Thus, there is an important role for macroprudential policy in this context, to ensure a sustainable and stable financial integration. But the economic and financial stabilization properties and spillovers of macroprudential regulation vary across borders. Using a two-country new Keynesian model for a monetary union I find that the international financial positions of the economies might determine the macroprudential policy effects after a symmetric financial shock.

欧元区日益加强的金融一体化为国家和全球经济带来了诸多优势。然而，它也带来了危机迅速蔓延和广泛的经济和金融不稳定的风险。因此，宏观审慎政策在此背景下可发挥重要作用，以确保可持续和稳定的金融一体化。但宏观审慎监管的经济和金融稳定特性以及溢出效应因国而异。将两国新凯恩斯主义模型用于货币联盟，我发现经济体的国际金融状况可能决定对称金融冲击后的宏观审慎政策效果。