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How Do Business and Financial Cycles Interact
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In this article, the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4.Abstract:
This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest that there are strong linkages between different phases of business and financial cycles. In particular, recessions associated with financial disruption episodes, notably house price busts, tend to be longer and deeper than other recessions. Conversely, recoveries associated with rapid growth in credit and house prices tend to be stronger. These findings emphasize the importance of developments in credit and housing markets for the real economy.read more
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Dissertation
Efectos de la política de estabilización sobre el ciclo financiero colombiano: 1990 a 2013
The Real Effects of Global Financial Integration
Tiago Trancoso,Sofia Gomes +1 more
TL;DR: In this article, the authors proposed a global financial integration measure which allows disentangling the financial integration effect in two channels, global and bilateral, to understand the main forces driving financial and business cycle synchronisation.
Journal ArticleDOI
Output gaps and stabilisation policies in Latin America: The effect of commodity and capital flow cycles
TL;DR: In this article, a measure of the output gap that filters out the impact of the commodity and net capital inflows booms for Latin American countries is provided, and the results show that commodity prices have been the dominant factor explaining deviation of activity from sustainable levels.
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Islamic versus conventional stock market Indices synchronization
Imed Medhioub,Mustapha Chaffai +1 more
TL;DR: In this paper, three different measures of synchronization were proposed: pair wise correlation coefficients of the cyclical components, the pair wise correlations of stock market returns and the concordance index.
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General Theory of Employment, Interest and Money
TL;DR: In this article, a general theory of the rate of interest was proposed, and the subjective and objective factors of the propensity to consume and the multiplier were considered, as well as the psychological and business incentives to invest.
Journal ArticleDOI
Bank Runs, Deposit Insurance, and Liquidity
TL;DR: The authors showed that bank deposit contracts can provide allocations superior to those of exchange markets, offering an explanation of how banks subject to runs can attract deposits, and showed that there are circumstances when government provision of deposit insurance can produce superior contracts.
Posted Content
The Financial Accelerator in a Quantitative Business Cycle Framework
TL;DR: This article developed a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint, and the model is a synthesis of the leading approaches in the literature.
BookDOI
This Time Is Different: Eight Centuries of Financial Folly
Carmen Reinhart,Kenneth Rogoff +1 more
TL;DR: This Time Is Different as mentioned in this paper presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes.
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Agency Costs, Net Worth, And Business Fluctuations
Ben S. Bernanke,Mark Gertler +1 more
TL;DR: The authors constructs a simple neoclassical model of intrinsic business cycle dynamics in which borrowers' balance sheet positions play an important role and shows that the agency costs of undertaking physical investments are inversely related to the entrepreneur's/borrower's net worth.