全球智库信息集成服务系统(G2TT): DP7815 Banking crises, Output Loss and Fiscal Policy

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7815
	DP7815 Banking crises, Output Loss and Fiscal Policy
	István P. Székely; Alessandro Turrini; Werner Röger
发表日期	2010-05-23
出版年	2010
语种	英语
摘要	This paper analyses the role fiscal policy plays during banking crises in supporting short-term GDP growth and the growth potential. Using a database covering 56 advanced and emerging economies for the period 1970-2008, it is found that fiscal policy, whether it is expansionary or contractionary, appears to matter for the impact of banking crises on headline growth but not on potential output. The stronger expansionary impact of fiscal policy during banking crises does not seem to be driven by the fact that resources are largely underutilized in those periods. DSGE model simulations help provide an interpretation of these findings. If agents are constrained in their borrowing by the value of their collateral (e.g., Kiyotaki and Moore, 1997), fiscal multipliers during banking crises are higher because the fiscal expansion has the additional effect of increasing the value of the collateral constrained households have, thus boosting demand also via a relaxation of lending constraints by banks.
主题	International Macroeconomics ; International Trade and Regional Economics
关键词	Banking crises Dsge models and financial market imperfections Fiscal policy
URL	https://cepr.org/publications/dp7815
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/536652
推荐引用方式 GB/T 7714	István P. Székely,Alessandro Turrini,Werner Röger. DP7815 Banking crises, Output Loss and Fiscal Policy. 2010.