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Financial frictions and inflation differentials in a monetary union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2010
that empirically plausible degrees of heterogeneity with respect to two important credit market characteristics - namely …
Persistent link: https://www.econbiz.de/10008732365
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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10009312180
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Uncertainty and the cost of bank vs. bond finance
Grimme, Christian - 2019
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...
Persistent link: https://www.econbiz.de/10011958806
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Global banking, trade, and the international transmission of the great recession
Born, Alexandra; Enders, Zeno - 2018
The global financial crisis of 2007-2009 spread through different channels from its origin in the United States to large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify their relative importance for this transmission....
Persistent link: https://www.econbiz.de/10011800166
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The impact of the global financial crisis on business cycles in Asian emerging economies
Fidrmuc, Jarko; Korhonen, Iikka - 2009
We analyze the transmission of global financial crisis to business cycles in China and India. The pattern of business cycles in emerging Asian economies generally displays a low degree of synchronization with the OECD countries, which is consistent with the decoupling hypothesis. By contrast,...
Persistent link: https://www.econbiz.de/10003861779
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Different no more : country spreads in advanced and emerging economies
Born, Benjamin; Müller, Gernot J.; Pfeifer, Johannes; … - 2020
Interest-rate spreads fluctuate widely across time and countries. We characterize their behavior using some 3,200 quarterly observations for 21 advanced and 17 emerging economies since the early 1990s. Before the financial crisis, spreads are 10 times more volatile in emerging economies than in...
Persistent link: https://www.econbiz.de/10012162762
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Consumption risk sharing over the business cycle : the role of small firms' access to credit markets
Hoffmann, Mathias; Stewen, Iryna - 2009
firms' access to credit markets plays an important role in explaining this stylized fact: business cycle fluctuations in … addition, better access of small firms to credit markets in the wake of state-level banking deregulation during the 1980s seems … better access to credit markets may have made it easier for the owners of small firms to smooth income in the face of adverse …
Persistent link: https://www.econbiz.de/10003807913
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The nature of financial and real business cycles : the great moderation and banking sector pro-cyclicality
Égert, Balázs; Sutherland, Douglas - 2012
This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of...
Persistent link: https://www.econbiz.de/10009540104
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Boom-bust cycles in middle income countries : facts and explanation
Tornell, Aaron; Westermann, Frank - 2002
gradually decelerates. But sometimes the boom ends in twin currency and banking crises, and is followed by a protracted credit …
Persistent link: https://www.econbiz.de/10011410453
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What drives inventory accumulation? : news on rates of return and marginal costs
Görtz, Christoph; Gunn, Christopher M.; Lubik, Thomas A. - 2019
inventories react strongly and positively to news about future increases in total factor productivity. Theory suggests that the …
Persistent link: https://www.econbiz.de/10012119865