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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 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 | ||||
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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: |
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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 |
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