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

被引：5

作者：

Fidrmuc, Jarko ^{[2
,3
,4
]}

Scharler, Johann ^{[1
]}

机构：

[1] Univ Innsbruck, Dept Econ, A-6020 Innsbruck, Austria

[2] Zeppelin Univ Friedrichshafen, D-88045 Friedrichshafen, Germany

[3] CESifo, D-81679 Munich, Germany

[4] Mendel Univ Brno, Brno 61300, Czech Republic

来源：

APPLIED ECONOMICS LETTERS | 2013年 / 20卷 / 06期

关键词：

business cycle; financial development; banking; stock market; GOVERNMENT SIZE; STOCK MARKETS; GROWTH; UNCERTAINTY; MODELS; BANKS;

D O I：

10.1080/13504851.2012.718055

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：530 / 533

页数：4

共 17 条

[1] ANOTHER LOOK AT THE INSTRUMENTAL VARIABLE ESTIMATION OF ERROR-COMPONENTS MODELS [J].