The Library
A cross-country financial accelerator: evidence from North America and Europe
Tools
Mody, Ashoka, Sarno, Lucio and Taylor, Mark P. (2005) A cross-country financial accelerator: evidence from North America and Europe. Discussion Paper. London: Centre for Economic Policy Research (Great Britain). Discussion paper (Centre for Economic Policy Research (Great Britain)) (No.503).
|
PDF
WRAP_Taylor_CEPR-DP5037[1].pdf - Requires a PDF viewer. Download (250Kb) |
Official URL: http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=5...
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 co-movements 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.
Item Type: | Working or Discussion Paper (Discussion Paper) | ||||
---|---|---|---|---|---|
Subjects: | H Social Sciences > HG Finance | ||||
Divisions: | Faculty of Social Sciences > Warwick Business School Faculty of Social Sciences > Economics |
||||
Library of Congress Subject Headings (LCSH): | Credit -- Seasonal variations, Acceleration principle (Economics), Capital investments -- Mathematical models, Business cycles, Kalman filtering, International economic relations | ||||
Series Name: | Discussion paper (Centre for Economic Policy Research (Great Britain)) | ||||
Publisher: | Centre for Economic Policy Research (Great Britain) | ||||
Place of Publication: | London | ||||
Official Date: | May 2005 | ||||
Dates: |
|
||||
Number: | No.503 | ||||
Number of Pages: | 29 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) |
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |