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The Dollar, Bank Leverage and Real Economic Activity : An Evolving Relationship

Erik, Burcu - 2020

The interest in how financial conditions affect real economic activity has grown since the Great Financial Crisis (GFC), not least because some of the mechanisms at play in the financial sector may have changed. We shed light on this issue by examining the empirical relationship between global...

Persistent link: https://www.econbiz.de/10012837535

Reassessing the Impact of Finance on Growth

Cecchetti, Stephen G. - 2014

This paper investigates how financial development affects aggregate productivity growth. Based on a sample of developed and emerging economies, we first show that the level of financial development is good only up to a point, after which it becomes a drag on growth. Second, focusing on advanced...

Persistent link: https://www.econbiz.de/10013065775

Why Does Financial Sector Growth Crowd Out Real Economic Growth?

Cecchetti, Stephen G. - 2015

In this paper we examine the negative relationship between the rate of growth of the financial sector and the rate of growth of total factor productivity. We begin by showing that by disproportionately benefiting high collateral/low productivity projects, an exogenous increase in finance reduces...

Persistent link: https://www.econbiz.de/10013028274

Financial Stress in Lender Countries and Capital Outflows from Emerging Market Economies

Shim, Ilhyock - 2018

We investigate if financial stress in countries where international banks are headquartered is a major driver of banking outflows from emerging market economies (EMEs). We find that when financial stress measured by sovereign or bank CDS spread or corporate bond spread increases, international...

Persistent link: https://www.econbiz.de/10012908610

Why Do Firms Issue Abroad? Lessons from Onshore and Offshore Corporate Bond Finance in Asian Emerging Markets

Mizen, Paul - 2014

Corporate bond issuers in emerging economies in Asia have often had a choice between an onshore market and an offshore one. Since 1998, however, many of these issuers have increasingly turned to the onshore market. This paper investigates systematically what factors have influenced this choice...

Persistent link: https://www.econbiz.de/10013064182

Macroeconomic Implications of Financial Imperfections : A Survey

Claessens, Stijn - 2017

This paper surveys the theoretical and empirical literature on the macroeconomic implications of financial imperfections. It focuses on two major channels through which financial imperfections can affect macroeconomic outcomes. The first channel, which operates through the demand side of finance...

Persistent link: https://www.econbiz.de/10012942918

Asset Prices and Macroeconomic Outcomes : A Survey

Claessens, Stijn - 2017

This paper surveys the literature on the linkages between asset prices and macroeconomic outcomes. It focuses on three major questions. First, what are the basic theoretical linkages between asset prices and macroeconomic outcomes? Second, what is the empirical evidence supporting these...

Persistent link: https://www.econbiz.de/10012942935

Leverage Dynamics and the Real Burden of Debt

Juselius, Mikael - 2015

In addition to leverage, the aggregate debt service burden is an important link between financial and real developments … interactions between leverage and the debt service burden lead to large and protracted cycles in credit and expenditure that match … the stylised facts of credit booms and busts. Even with real-time estimates, the predicted adjustment to leverage and the …

Persistent link: https://www.econbiz.de/10013023042

Global Value Chains and Effective Exchange Rates at the Country-Sector Level

Patel, Nikhil - 2017

The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within...

Persistent link: https://www.econbiz.de/10012956518

Corporate Investment and the Exchange Rate : The Financial Channel

Banerjee, Ryan - 2020

through a financial channel: exchange rate depreciation dampens corporate investment through firm leverage and FX debt. These …

Persistent link: https://www.econbiz.de/10012841849

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