Financial Cycles and Credit Growth across Countries

Nuno Coimbra and Helene Rey

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Abstract: 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.

Date: 2018-05
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Published in American Economic Review Papers and Proceedings, 2018, 108, pp.509 - 512. ⟨10.1257/pandp.20181059⟩

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Journal Article: Financial Cycles and Credit Growth across Countries (2018)
Working Paper: Financial Cycles and Credit Growth across Countries (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01802622

DOI: 10.1257/pandp.20181059

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