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.
- Language
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Englisch
- Bibliographic citation
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Journal: The Journal of Finance ; ISSN: 1540-6261 ; Volume: 68 ; Year: 2013 ; Issue: 3 ; Pages: 1179-1228 ; Hoboken, NJ: Wiley
- Classification
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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
- Subject
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banking integration
Co-movement
contagion
fluctuations
finance
- Event
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Geistige Schöpfung
- (who)
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Kalemli-Ozcan, Sebnem
Papaioannou, Elias
Peydró, José-Luis
- Event
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Veröffentlichung
- (who)
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Wiley
ZBW – Leibniz Information Centre for Economics
- (where)
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Hoboken, NJ
- (when)
-
2013
- DOI
-
doi:10.1111/jofi.12025
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Kalemli-Ozcan, Sebnem
- Papaioannou, Elias
- Peydró, José-Luis
- Wiley
- ZBW – Leibniz Information Centre for Economics
Time of origin
- 2013
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