| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7105 |
| DP7105 Securitization, Transparency and Liquidity | |
| Marco Pagano; Paolo Volpin | |
| 发表日期 | 2008-12-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960?2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period. Our results indicate that interactions between macroeconomic and financial variables can play major roles in determining the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches and house price busts tend to be deeper and longer than other recessions. |
| 主题 | Financial Economics |
| 关键词 | Business cycles Recessions Credit crunches House prices Equity prices Busts |
| URL | https://cepr.org/publications/dp7105 |
| 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/535942 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,Paolo Volpin. DP7105 Securitization, Transparency and Liquidity. 2008. |
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