全球智库信息集成服务系统(G2TT): DP6904 Manufacturing Restructuring and the Role of Real Exchange Rate Shocks

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6904
	DP6904 Manufacturing Restructuring and the Role of Real Exchange Rate Shocks
	Karen Helene Ulltveit-Moe; Karolina Ekholm; Andreas Moxnes
发表日期	2008-07-11
出版年	2008
语种	英语
摘要	The paper provides a simple theory and empirical evidence on the asymmetric effect of credit markets on output decline and output growth. When credit markets are underdeveloped and enterprise activity is financed outside the banking sector, exogenous shocks may induce a break-up of both credit and production chains, leading to sudden and sharp collapses in output. The development of a banking sector can reduce the probability of such collapses. Using industry-level data across a large cross-section of countries, the empirical analysis suggests that credit markets play a more important role in softening output declines than in fostering growth or recovery. These results suggest that credit markets are one of the main suspects for explaining why the magnitude of output declines tends to be larger in emerging markets than in advanced market economies.
主题	International Macroeconomics
关键词	Credit and output Emerging economies Sharp recessions
URL	https://cepr.org/publications/dp6904
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/535740
推荐引用方式 GB/T 7714	Karen Helene Ulltveit-Moe,Karolina Ekholm,Andreas Moxnes. DP6904 Manufacturing Restructuring and the Role of Real Exchange Rate Shocks. 2008.