Assessing the impact of financial disturbances on the Romanian business cycle fluctuations

Mădălin Viziniuc
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Mădălin Viziniuc: Bucharest University of Economic Studies, Romania

Theoretical and Applied Economics, 2015, vol. XXII, issue Special(II), 305-320

Abstract: In this paper we estimate a large Dynamic Stochastic General Equilibrium model with financial frictions and external sector for the Romanian economy. The main objective is to shed some light on the adjustment mechanism that takes place after the economy has been perturbed by a shock originated from the financial sector. As for some key findings, apart from the risk premium shock, the rest of the financial shocks seem to have a small impact on the real economy; the Loan-To-Value shocks and the interest rate spread shocks affect the output only marginally.

Keywords: DSGE; banking sector; collateral constrains; open-economy; Bayesian estimation. (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:xxii:y:2015:i:special(ii):p:305-320

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