International (Spillovers in) Macroeconomic-Credit Linkages and the Decoupling Phenomenon

Antonio Pesce

Chapter Chapter 4 in Economic Cycles in Emerging and Advanced Countries, 2015, pp 113-170 from Springer

Abstract: Abstract Financial liberalization increased sharply in the globalization period; many structural changes took place among emerging economies and improved the degree of liberalization of financial systems: for example the liberalization of domestic banking systems and stock markets, or the removal of some restrictions on the acquisition of assets by foreigners. However, despite the fact that it is widely believed that bank lending can play a fundamental role both for the economic dynamics of any country and in the propagation of economic shocks from one country to another, the bank lending variable has not duly considered in the decoupling debate yet. This Chapter aims to feel this gap and extends the empirical investigation of Chapter 3 by considering also the bank lending variable.

Keywords: Marginal Likelihood; Cumulate Impact; External Shock; Penn World Table; Real Shock (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-319-17085-5_4

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DOI: 10.1007/978-3-319-17085-5_4

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