Comment on: "International tax competition with rising intangible capital and financial globalization" by Vincenzo Quadrini and José-Victor Ríos-Rull
In: Journal of monetary economics, Band 141, S. 121-126
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In: Journal of monetary economics, Band 141, S. 121-126
In: Journal of Monetary Economics, Band 85, S. 131-135
In: NBER International Seminar on Macroeconomics, Band 9, Heft 1, S. 405-414
ISSN: 2150-8372
In: Journal of monetary economics, Band 56, Heft 1, S. 104-108
In: Journal of Monetary Economics, Band 55, Heft 1, S. 43-47
In: NBER macroeconomics annual, Band 17, S. 94-105
ISSN: 1537-2642
In: Journal of monetary economics, Band 133, S. 1-18
In: American economic review, Band 108, Heft 4-5, S. 935-984
ISSN: 1944-7981
Macro developments leading up to the 2008 crisis displayed an unprecedented degree of international synchronization. Before the crisis, all G7 countries experienced credit growth and, around the time of the Lehman bankruptcy, they all faced sharp and large contractions in both real and financial activity. Using a two-country model with financial frictions, we show that a global liquidity shortage induced by pessimistic self-fulfilling expectations can quantitatively generate patterns like those observed in the data. The model also suggests that crises are less frequent with more international financial integration but, when they hit, they are larger and more synchronized across countries. (JEL E23, E32, E44, F44, G01)
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In: Journal of Monetary Economics, Band 69, S. 1-15
In: NBER Working Paper No. w20872
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In: Journal of political economy, Band 121, Heft 6, S. 1108-1159
ISSN: 1537-534X
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Working paper
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