Kakes, Jan; Ullersma, Cees - In: Kredit und Kapital 43 (2010) 3, pp. 321-337
Financial Acceleration of Booms and Busts For a panel of 20 industrialized countries from 1970 through 2002, we analyze the role of financial variables in economic cycles. We focus on equity busts, which are considered a proxy for downward revisions of economic prospects. Particularly in the...