How does financial market structure affect the impact of a banking crisis?

Michiel Bijlsma, Andrei Dubovik and Bas Straathof

Economics Letters, 2015, vol. 135, issue C, 144-147

Abstract: We find a more negative impact of a financial crisis on growth of industrial sectors in developed countries that are more dependent on external finance, also when controlling for omitted variables by including country–time, industry–time and country–industry fixed effects. This differential effect is stronger in countries with a more leveraged financial sector, while it is unaffected by the depth of financial markets.

Keywords: Financial crisis; Industrial growth; Credit crunch; Leverage (search for similar items in EconPapers)
JEL-codes: G01 O43 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:135:y:2015:i:c:p:144-147

DOI: 10.1016/j.econlet.2015.08.019

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