Financial development and the magnitude of business cycle fluctuations in OECD countries

Jarko Fidrmuc and Johann Scharler

Applied Economics Letters, 2013, vol. 20, issue 6, 530-533

Abstract: We study empirically how the development of financial systems influences the magnitude of output growth fluctuations in a sample of OECD countries between 1995 and 2005. While the development of banking sectors is not significantly related to the magnitude of macroeconomic fluctuations, countries characterized by developed stock markets experience less pronounced fluctuations.

Date: 2013
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DOI: 10.1080/13504851.2012.718055

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