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A cross-country financial accelerator: evidence from North America and Europe
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Mody, Ashoka, Sarno, Lucio and Taylor, Mark P., 1958-. (2007) A cross-country financial accelerator: evidence from North America and Europe. Journal of International Money and Finance, Vol.26 (No.1). pp. 149-165. ISSN 0261-5606
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Official URL: http://dx.doi.org/10.1016/j.jimonfin.2006.10.009
Abstract
A growing literature has examined the importance of credit-market imperfections for macroeconomic fluctuations, the so-called 'financial accelerator.' A related literature has provided evidence of international and regional comovements in macroeconomic fluctuations. We tie together these strands of the literature in that we investigate the importance of both cross-country and country-specific credit cycles in explaining output fluctuations. Using data for four major economies and two world regions from 1973 to 2001, we find that both regional and country-specific components of indicators of credit availability are powerful in explaining output movements. This research provides the first empirical evidence of a cross-country financial accelerator. Published by Elsevier Ltd.
| Item Type: | Journal Article |
|---|---|
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Faculty of Social Sciences > Warwick Business School |
| Journal or Publication Title: | Journal of International Money and Finance |
| Publisher: | Elsevier BV |
| ISSN: | 0261-5606 |
| Official Date: | February 2007 |
| Volume: | Vol.26 |
| Number: | No.1 |
| Number of Pages: | 17 |
| Page Range: | pp. 149-165 |
| Identification Number: | 10.1016/j.jimonfin.2006.10.009 |
| Status: | Peer Reviewed |
| Publication Status: | Published |
| Access rights to Published version: | Restricted or Subscription Access |
| URI: | http://wrap.warwick.ac.uk/id/eprint/32284 |
Data sourced from Thomson Reuters' Web of Knowledge
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