A good evaluation design can help identify the effects of such measures. Footnotes: 1. Valiante (2018) 2. https://ec.europa.eu/finance/docs/policy/190315-cmu-factsheet_en.pdf 3. See, for example, de Galhau and Weidmann (2019) or Buch and Goulard (2018). 4. Buch (2015) 5. The Next CMU High-Level Group (2019) 6. European Commission (2019) 7. See, for example, Véron and Wolff (2016). 8. ECB (2018: p. 4) 9.
For the relevance of gravity factors for capital flows see the seminal papers of Portes, Rey and Oh (2001) and Portes and Rey (2005). For bank flows, distance, cultural factors such as language and legal traditions, regulations, or and other political or institutional factors were shown to play an important role (Buch 2005, Brueggemann et al.