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来源类型Working Paper
规范类型报告
DOI10.3386/w17530
来源IDWorking Paper 17530
Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute
Joshua Aizenman; Brian Pinto; Vladyslav Sushko
发表日期2011-10-20
出版年2011
语种英语
摘要We examine how financial expansion and contraction cycles affect the broader economy through their impact on real economic sectors in a panel of countries over 1960-2005. Periods of accelerated growth of the financial sector are more likely to be followed by abrupt financial contractions than are periods of slower financial sector growth. Sharp fluctuations in the financial sector have strongly asymmetric effects, with the majority of real sectors adversely affected by contractions, but not helped by expansions. The adverse effects of financial contractions are transmitted almost exclusively through the financial openness channel, with precautionary foreign exchange reserve holdings serving as a key buffer.
主题International Economics ; Trade ; International Finance ; International Macroeconomics
URLhttps://www.nber.org/papers/w17530
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/575204
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Joshua Aizenman,Brian Pinto,Vladyslav Sushko. Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute. 2011.
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