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Granularity in banking and growth : does financial openness matter?

Bremus, Franziska; Buch, Claudia M. - 2013

We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can...

Persistent link: https://www.econbiz.de/10009786228

On the estimation of the volatility-growth link

Launov, Andrey; Posch, Olaf; Wälde, Klaus - 2014

It is common practice to estimate the volatility-growth link by specifying a standard growth equation such that the … a biased and inconsistent estimate of the volatility-growth link. Our simulations show that this effect is large. Once … variance equation must include relevant control variables to estimate the volatility-growth link. …

Persistent link: https://www.econbiz.de/10010418202

Is the relationship between financial development and economic growth monotonic? : evidence from a sample of middle income countries

Samargandi, Nahla; Fidrmuc, Jan; Ghosh, Sugata - 2014

We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...

Persistent link: https://www.econbiz.de/10010340261

National and supranational business cycles (1960 - 2000) : a multivariate description of central G7 and EURO15 NIPA aggregates

Süssmuth, Bernd - 2002

This paper applies volatility measures and VAR spectral analytic techniques to give a thorough description of the ….The central findings are summarized with regard to (i) national product share, contribution-to-variance and volatility …

Persistent link: https://www.econbiz.de/10011408998

Financial development, financial fragility, and growth

Loayza, Norman; Rancière, Romain - 2002

This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...

Persistent link: https://www.econbiz.de/10011409380

Oil prices and the global economy : is it different this time around?

Mohaddes, Kamiar; Pesaran, M. Hashem - 2016

The recent plunge in oil prices has brought into question the generally accepted view that lower oil prices are good for the US and the global economy. In this paper, using a quarterly multi-country econometric model, we first show that a fall in oil prices tends relatively quickly to lower...

Persistent link: https://www.econbiz.de/10011502542

Fiscal shocks and real exchange rate dynamics : some evidence for Latin America

Caporale, Guglielmo Maria (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003641715

Macroeconomic uncertainty and the impact of oil shocks

Van Robays, Ine - 2012

demand and supply shocks. The results show that higher macroeconomic uncertainty, as measured by higher world industrial … production volatility, significantly increases the responsiveness of oil prices to oil shocks. This implies a lower price … volatility. Also the impact of oil shocks on economic activity appears to be significantly stronger in uncertain times. -- oil …

Persistent link: https://www.econbiz.de/10009621702

Persistence in high frequency financial data

Caporale, Guglielmo Maria; Plastun, Alex - 2022

This paper investigates persistence in high-frequency, intraday data (and also daily and monthly ones) in the case of the EuroStoxx 50 futures over the period from 2002 to 2018 (720 million trade records) using R/S analysis and the Hurst exponent as a measure of persistence. The results indicate...

Persistent link: https://www.econbiz.de/10013419363

The short-run and long-run effects of trade openness on financial development : some panel evidence for Europe

Caporale, Guglielmo Maria; Sova, Anamaria Diana; Sova, … - 2021

This paper analyses the short- and long-run effects of trade openness on financial development in a panel including data on 35 European countries over the period 2001-2019. For this purpose, it uses the PMG (pooled mean group) estimator for dynamic panels developed by Pesaran et al. (1999). The...

Persistent link: https://www.econbiz.de/10012514560

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