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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP9044 |
DP9044 Global Banks and Crisis Transmission | |
fabrizio perri; Sebnem Kalemli-Ozcan; Elias Papaioannou | |
发表日期 | 2012-07-08 |
出版年 | 2012 |
语种 | 英语 |
摘要 | We study the effect of financial integration on the transmission of international business cycles. In a sample of 20 developed countries between 1978 and 2009 we find that, in periods without financial crises, increases in bilateral financial linkages are associated with more divergent output cycles. This relation is significantly weaker during financial turmoil periods, suggesting that financial crises induce co-movement among more financially integrated countries. We also show that countries with stronger, direct and indirect, financial ties to the U.S. experienced more synchronized cycles with the U.S. during the recent 2007-2009 crisis. We then interpret these findings using a simple general equilibrium model of international business cycles with banks and shocks to banking activity. The model suggests that the change in the relation between integration and synchronization can be driven by changes in the nature of shocks hitting the world economy, and that shocks to global banks played an important role in triggering and spreading the 2007-2009 crisis. |
主题 | International Macroeconomics |
关键词 | Co-movement Crisis Financial integration International business cycles |
URL | https://cepr.org/publications/dp9044 |
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/537879 |
推荐引用方式 GB/T 7714 | fabrizio perri,Sebnem Kalemli-Ozcan,Elias Papaioannou. DP9044 Global Banks and Crisis Transmission. 2012. |
条目包含的文件 | 条目无相关文件。 |
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