G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9044
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
URLhttps://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.
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