Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - In: The Journal of Finance 68 (2013) 3, pp. 1179-1228
We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks’ international exposure for industrialized countries during 1978–2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral...