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
Pages
- 509 – 512
URL de la notice HAL
Version
- 1
Volume
- 108