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How strongly are business cycles and financial cycles linked in the G7 countries?
Antonakakis, Nikolaos; Breitenlechner, Max; Scharler, Johann - 2014
for the G7 countries we find that: i) spillovers between credit growth and GDP growth evolve rather heterogeneously over … time and across countries, and increase during extreme economic events. ii) Spillovers between credit growth and GDP growth … shorty before and on the onset of the global financial crisis, the link between credit growth and GDP growth becomes more …
Persistent link: https://www.econbiz.de/10010253456
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How Strongly are Business Cycles and Financial Cycles Linked in the G7 Countries?
Antonakakis, Nikolaos; Breitenlechner, Max; Scharler, Johann - Institut für Finanzwissenschaft, Fakultät für … - 2014
for the G7 countries we find that: i) spillovers between credit growth and GDP growth evolve rather heterogeneously over … time and across countries, and increase during extreme economic events. ii) Spillovers between credit growth and GDP growth … shorty before and on the onset of the global financial crisis, the link between credit growth and GDP growth becomes more …
Persistent link: https://www.econbiz.de/10010839598
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Financial cycles in Europe : dynamics, synchronicity and implications for business cycles and macroeconomic imbalances
Adarov, Amat - 2019
Using dynamic factor models and state-space techniques we quantify financial cycles for twenty European countries over the period 1960Q1–2015Q4 capturing imbalances across credit, housing, bond and equity markets. The paper documents the existence of slow-moving and persistent financial cycles...
Persistent link: https://www.econbiz.de/10012153925
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The impact of credit supply shocks in the euro area : market-based financing versus loans
Barauskaite, Kristina; Nguyen, Anh D. M.; Rousová, Linda; … - 2022
Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as a whole and in its five largest countries. In...
Persistent link: https://www.econbiz.de/10013265943
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What Happens During Recessions, Crunches and Busts?
Claessens, Stijn; Kose, Ayhan; Terrones, Marco E - C.E.P.R. Discussion Papers - 2008
We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit...
Persistent link: https://www.econbiz.de/10005497835
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Recessions and Financial Disruptions in Emerging Markets : A Bird's Eye View
Claessens, Stijn - 2010
This paper provides an overview of the implications of recession and financial disruption episodes in emerging markets …
Persistent link: https://www.econbiz.de/10013141025
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FINANCIAL CYCLES – THE SYNCHRONIZATION WITH FINANCIAL CRISES
DONATH, Liliana; CERNA, Veronica MIHUȚESCU; OPREA, … - In: Management Intercultural (2014) 31, pp. 263-273
2008–09 global crisis is the latest in a long list of economic events shaped by cycles in financial markets. Its severity …
Persistent link: https://www.econbiz.de/10011079428
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The impact of credit supply shocks in the euro area: Market-based financing versus loans
Barauskaite, Kristina; Nguyen, Anh D. M.; Rousová, Linda; … - 2022
Using a novel quarterly dataset on debt financing of non-financial corporations, this paper provides the first empirical evaluation of the relative importance of loan and market-based finance (MBF) supply shocks on business cycles in the euro area as a whole and in its five largest countries. In...
Persistent link: https://www.econbiz.de/10013368003
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Asset prices, credit and the business cycle
Chen, Xiaoshan; Kontonikas, Alexandros; Montagnoli, Alberto - In: Economics Letters 117 (2012) 3, pp. 857-861
This paper uses the multivariate unobserved components model with phase shifts to analyse the interaction of interest rates, output, asset prices and credit in the US. We find close linkages amongst cyclical fluctuations in the variables.
Persistent link: https://www.econbiz.de/10010594199
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The credit composition of global liquidity
Herwartz, Helmut; Ochsner, Christian; Rohloff, Hannes - 2021
We conceptualize global liquidity as global monetary policy and credit components by means of a large-scale dynamic factor model. Going beyond previous work, we decompose aggregate credit components into credit supply and demand flows directed at businesses, households and governments. We show...
Persistent link: https://www.econbiz.de/10012543579