Artikel
Financial regulation, financial globalization, and the synchronization of economic activity
We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks’ international exposure for industrialized countries during 1978–2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral time-varying financial linkages data. In contrast to conventional wisdom and previous empirical studies, we identify a strong negative effect of banking integration on output synchronization, conditional on global shocks and country-pair heterogeneity. Similarly, we show divergent economic activity as a result of higher integration using an exogenous de-jure measure of integration based on financial regulations that harmonized EU markets.
- Sprache
-
Englisch
- Erschienen in
-
Journal: The Journal of Finance ; ISSN: 1540-6261 ; Volume: 68 ; Year: 2013 ; Issue: 3 ; Pages: 1179-1228 ; Hoboken, NJ: Wiley
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Economic Integration
Financial Aspects of Economic Integration
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Financial Institutions and Services: Government Policy and Regulation
- Thema
-
banking integration
Co-movement
contagion
fluctuations
finance
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kalemli-Ozcan, Sebnem
Papaioannou, Elias
Peydró, José-Luis
- Ereignis
-
Veröffentlichung
- (wer)
-
Wiley
ZBW – Leibniz Information Centre for Economics
- (wo)
-
Hoboken, NJ
- (wann)
-
2013
- DOI
-
doi:10.1111/jofi.12025
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:23 MESZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Kalemli-Ozcan, Sebnem
- Papaioannou, Elias
- Peydró, José-Luis
- Wiley
- ZBW – Leibniz Information Centre for Economics
Entstanden
- 2013
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