Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/45463 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorKalemli-Özcan, Sebnemen
dc.contributor.authorPapaioannou, Eliasen
dc.contributor.authorPeydró, José-Luisen
dc.date.accessioned2010-11-03-
dc.date.accessioned2011-05-09T09:35:13Z-
dc.date.available2011-05-09T09:35:13Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/45463-
dc.description.abstractWe investigate the effect of financial integration on the degree of international business cycle synchronization. For identfication, we use a confidential database on banks' bilateral exposure over the past three decades and employ a novel bilateral country-pair panel instrumental vari- ables approach. First, we show that conditional on global shocks and country-pair fixed factors countries that become more financially integrated over time have less synchronized growth pat- terns, in line with the standard theories of output fluctuations. Second, to isolate the one-way impact of financial integration on output co-movement and account for measurement error in the financial integration measure, we exploit variation in the transposition dates of the European Union-wide legislative acts (the Directives) from the Financial Services Action Plan (FSAP). These laws are designed to harmonize regulation of financial markets in the European Union. We find that increases in financial integration stemming from regulatory-legislative harmoniza- tion policies in capital markets are followed by more divergent output cycles, even when we condition on monetary unification. Our results contrast with those of the previous empirical studies. We reconcile the different results by showing that the earlier estimates suffer from the standard identification problems.en
dc.language.isoengen
dc.publisher|aTÜSİAD-Koç University Economic Research Forum |cIstanbulen
dc.relation.ispartofseries|aWorking Paper |x1005 [rev.]en
dc.subject.jelE32en
dc.subject.jelF15en
dc.subject.jelF36en
dc.subject.jelG21en
dc.subject.jelG28en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordBanking Integrationen
dc.subject.keywordCo-movementen
dc.subject.keywordFluctuationsen
dc.subject.keywordFinancial Legislationen
dc.subject.stwFinanzmarkten
dc.subject.stwMarktintegrationen
dc.subject.stwInternationale Banken
dc.subject.stwBankenpolitiken
dc.subject.stwKonjunkturzusammenhangen
dc.subject.stwWelten
dc.titleFinancial regulation, integration and synchronization of economic activity-
dc.typeWorking Paperen
dc.identifier.ppn638346924en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
453.66 kB





Publikationen in EconStor sind urheberrechtlich geschützt.