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How Important is the Global Financial Cycle? Evidence from Capital Flows

Cerutti, Eugenio - 2017

This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for 85 countries, and conventional techniques, models and metrics. Since the GFCy is an unobservable concept, we use...

Persistent link: https://www.econbiz.de/10012454983

Stock Markets, Banks, and Growth : Panel Evidence

Beck, Thorsten - 2002

This paper investigates the impact of stock markets and banks on economic growth using a panel data set for the period …

Persistent link: https://www.econbiz.de/10012469631

Financial development and growth in the short and long run

Fisman, Raymond - 2004

"We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...

Persistent link: https://www.econbiz.de/10010523015

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops

Razin, Assaf - 2005

probability of crisis, due to sudden stops in international capital inflows. We apply the new methodology to a cross-country panel …

Persistent link: https://www.econbiz.de/10012467554

Finance and Growth : Theory and Evidence

Levine, Ross - 2004

This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial...

Persistent link: https://www.econbiz.de/10012467924

Financial Development and Growth in the Short and Long Run

Fisman, Raymond - 2004

We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a 'natural' reliance on...

Persistent link: https://www.econbiz.de/10012468457

Temperature, Aggregate Risk, and Expected Returns

Bansal, Ravi - 2011

In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument is based on evidence from global capital markets which shows that the covariance between country equity returns and temperature (i.e., temperature betas) contains sharp...

Persistent link: https://www.econbiz.de/10012461083

Historical Evidence on the Finance-Trade-Growth Nexus

Bordo, Michael D. - 2011

seventeen now-developed "Atlantic" economies and a set of cross-country and dynamic panel data models. We find that finance and … trade reinforced each other before 1930, but that these effects did not persist after the Second World War. Financial … after 1945. We attribute the rising importance of trade in explaining growth to major post-World War II changes in tariffs …

Persistent link: https://www.econbiz.de/10012461634

Government, Openness and Finance : Past and Present

Demetriades, Panicos O. - 2010

measured as the value of private loans issued at the Bank of England. For the wider panel of countries and more recent data, we …

Persistent link: https://www.econbiz.de/10012462195

Quantifying the Impact of Financial Development on Economic Development

Greenwood, Jeremy - 2010

output by 140 to 180% if it could adopt the world's best practice in the financial sector. Still, this amounts to only 34 to …

Persistent link: https://www.econbiz.de/10012462758