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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. (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. doi:10.1016/j.jimonfin.2006.10.009

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Official URL: http://dx.doi.org/10.1016/j.jimonfin.2006.10.009

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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
Dates:
DateEvent
February 2007Published
Volume: Vol.26
Number: No.1
Number of Pages: 17
Page Range: pp. 149-165
DOI: 10.1016/j.jimonfin.2006.10.009
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

Data sourced from Thomson Reuters' Web of Knowledge

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