Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/203426 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ADB Economics Working Paper Series No. 579
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
This paper empirically investigates the relationship between the speed of buildup of private debt (household and corporate) and the depth of recessions. To do this, we differentiate between financial recessions and normal recessions on the basis of how quickly their private debt builds up. In addition to output recessions, we look at consumption and investment recessions. We find that financial recessions are deeper than normal recessions in advanced economies−and the differences become even more pronounced when emerging market economies are added to the sample. Our evidence suggests that a buildup in corporate debt is especially damaging for emerging markets during financial recessions. A higher ratio of debt to gross domestic product−in other words, less fiscal space− exacerbates recessions only beyond a certain threshold level, suggesting a nonlinear effect. We find that the buildup of corporate debt−and not just household debt−can worsen recessions, especially in emerging market economies.
Schlagwörter: 
business cycle
corporate debt
fiscal space
government debt
household debt
private debt
recessions
JEL: 
E32
E44
G01
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
486.63 kB





Publikationen in EconStor sind urheberrechtlich geschützt.