Financial Cycles and Credit Growth across Countries

Article dans une revue: In Coimbra and Rey (2017) we develop a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. It features time-varying endogenous macroeconomic risk that arises from the risk-shifting behavior of financial intermediaries. We test empirically in a broad panel of countries the implication that credit creation is more elastic to funding costs when the distribution of leverage in the banking system is more positively skewed.

Auteur(s)

Nuno Coimbra, Helene Rey

Revue
  • American Economic Review Papers and Proceedings
Date de publication
  • 2018
Mots-clés JEL
E32 E44 G21
Pages
  • 509 – 512
Version
  • 1
Volume
  • 108