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The Nature of Financial and Real Business Cycles: The Great Moderation and Banking Sector Pro-Cyclicality
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 61, Heft 1, S. 98-117
ISSN: 1467-9485
This study takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly economic indicators. It first analyses whether the last cycle has been different compared to previous cycles in terms of length, amplitude, asymmetry and changes of these parameters during expansions and contractions. We also study the degree of economic and financial cycle synchronization between OECD countries but also of economic and financial variables within a given country and gauge the extent to which cycle synchronization changed over time. We next describe the connection between the great moderation and the last cycle. Finally, the study discusses the synchronization between the real economy and the financial sector and provides some new evidence on the banking sector's pro-cyclicality by using aggregate and bank level. The main findings show that the amplitude of the real business cycle was becoming smaller during the great moderation, but asset price cycles were becoming more volatile. In part, this was linked to developments in the banking sector which tended to accentuate pro-cyclical behaviour. Greater synchronization of cycles may help explain the severity of the crisis. Adapted from the source document.
The Nature of Financial and Real Business Cycles: The Great Moderation and Banking Sector Pro-Cyclicality
In: CESifo Working Paper Series No. 3824
SSRN
Working paper
Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics
In: OECD Economics Department Working Paper No. 1006
SSRN
Working paper
SSRN
Working paper
Statistical overview
In: Communist economies and economic transformation: journal of the Centre for Research into Communist Economies, Band 10, Heft 3, S. 305-318
Regional Development: The USSR and After
In: Europe Asia studies, Band 49, Heft 1, S. 163-164
ISSN: 0966-8136
Structural change in the economies of Russia's regions
In: Europe Asia studies, Band 48, Heft 3, S. 367-392
ISSN: 1465-3427
Structural change in the economies of Russia's regions
In: Europe Asia studies, Band 48, Heft 3, S. 367-392
ISSN: 0966-8136
Im Mittelpunkt der Untersuchung stehen Zusammenhänge zwischen der großteils durch die sowjetische Vergangenheit bestimmten Wirtschaftsstruktur einer Region und den Anpassungsvorgängen im Transformationsprozeß der vergangenen Jahre. Die Verfasser analysieren zunächst Wandlungstendenzen in der Zusammensetzung der wirtschaftlichen Aktivität in Rußland in den Jahren 1989 bis 1994 und fragen auf theoretischer Ebene nach Zusammenhängen zwischen strukturellem und regionalem Wandel. Es schließt sich eine empirische Untersuchung regionalen Wandels in den Jahren 1992 und 1993 an, die die regionale Beschäftigungsentwicklung in Beziehung zur Wirtschaftsstruktur einer Region setzt. Neben der wirtschaftlichen Struktur erweisen sich vor allem die Fähigkeit zur Realisierung von Gewinnen in konvertiblen Währungen, die Abhängigkeit einer Region von der Rüstungsproduktion sowie das Lohnniveau als Determinanten der Beschäftigungsentwicklung. (BIOst- Wpt)
World Affairs Online
Structural change in the economies of Russia's regions
In: Europe Asia studies, Band 48, S. 367-392
ISSN: 0966-8136
Analyzes factors in increasing regional economic disparities, 1989-94.
Improving public spending efficiency in primary and secondary education
In: OECD journal: economic studies, Band 2009, Heft 1, S. 1-30
ISSN: 1995-2856
Improving public spending efficiency in primary and secondary education
In: OECD journal: economic studies, Heft 1, S. 89-118
ISSN: 1995-2848, 0255-0822