Does debt market integration amplify the international transmission of business cycles during financial crises? q
DC Field | Value | Language |
---|---|---|
dc.contributor.author | An, Jiyoun | - |
dc.contributor.author | Kim, Kyunghun | - |
dc.contributor.author | Pyun, Ju Hyun | - |
dc.date.accessioned | 2021-11-18T00:40:22Z | - |
dc.date.available | 2021-11-18T00:40:22Z | - |
dc.date.created | 2021-08-30 | - |
dc.date.issued | 2021-07 | - |
dc.identifier.issn | 0261-5606 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/127812 | - |
dc.description.abstract | The international transmission of real business cycles during financial crises differs dramatically depending on the type of debt market integration. Using a bilateral country pair dataset of 57 countries covering the period 2001-2013, we find robust empirical evidence that short-term debt integration drove business cycle synchronization during the global financial crisis (GFC) and European sovereign debt crisis. However, we also find that long-term debt integration cushioned the international transmission of business cycles during the crises. Our findings distinguish two transmission channels of financial shocks: the balance sheet effect through the integrated short-term debt market and risk-sharing through long-term debt market integration. (c) 2021 Elsevier Ltd. All rights reserved. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER SCI LTD | - |
dc.subject | SHOCK TRANSMISSION | - |
dc.subject | GLOBAL BANKS | - |
dc.subject | GLOBALIZATION | - |
dc.subject | SYNCHRONIZATION | - |
dc.subject | SPECIALIZATION | - |
dc.subject | TRADE | - |
dc.title | Does debt market integration amplify the international transmission of business cycles during financial crises? q | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Pyun, Ju Hyun | - |
dc.identifier.doi | 10.1016/j.jimonfin.2021.102396 | - |
dc.identifier.scopusid | 2-s2.0-85104078439 | - |
dc.identifier.wosid | 000651343200004 | - |
dc.identifier.bibliographicCitation | JOURNAL OF INTERNATIONAL MONEY AND FINANCE, v.115 | - |
dc.relation.isPartOf | JOURNAL OF INTERNATIONAL MONEY AND FINANCE | - |
dc.citation.title | JOURNAL OF INTERNATIONAL MONEY AND FINANCE | - |
dc.citation.volume | 115 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.subject.keywordPlus | SHOCK TRANSMISSION | - |
dc.subject.keywordPlus | GLOBAL BANKS | - |
dc.subject.keywordPlus | GLOBALIZATION | - |
dc.subject.keywordPlus | SYNCHRONIZATION | - |
dc.subject.keywordPlus | SPECIALIZATION | - |
dc.subject.keywordPlus | TRADE | - |
dc.subject.keywordAuthor | Balance sheet effect | - |
dc.subject.keywordAuthor | Business cycle co-movement | - |
dc.subject.keywordAuthor | Financial crisis | - |
dc.subject.keywordAuthor | Financial integration | - |
dc.subject.keywordAuthor | Long-term debt | - |
dc.subject.keywordAuthor | Short-term debt | - |
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