Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/273679 
Year of Publication: 
2022
Series/Report no.: 
Working Papers in Economics and Statistics No. 2022-06
Publisher: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Abstract: 
We examine structural differences in growth vulnerabilities across countries associated with financial risk indicators. Considering trade openness, financial sector size, the public spending ratio and government effectiveness, our findings suggest the existence of a structural gap and a risk sensitivity gap. Hence, structural country characteristics not only drive level differences in growth-at-risk (GaR) but also give rise to differences in the responsiveness of GaR to financial risks. Furthermore, we show that the impact of structural characteristics varies over the forecasting horizon. A proper understanding of structural country characteristics in the context of the GaR framework is important to facilitate the use of the concept in macroprudential policy.
Subjects: 
Growth-at-risk
vulnerable growth
structural characteristics
macroprudential policy
JEL: 
E27
E32
E44
F43
G01
G20
G28
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.