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Financial Regulation, Financial Globalization and the Synchronization of Economic Activity / Sebnem Kalemli-Ozcan, Elias Papaioannou, José Luis Peydró.
- Format:
- Book
- Author/Creator:
- Kalemli-Ozcan, Sebnem.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w14887.
- NBER working paper series no. w14887
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks' international exposure for industrialized countries during 1978- 2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral time-varying financial linkages data. In contrast to conventional wisdom and previous empirical studies, we identify a strong negative effect of banking integration on output synchronization, conditional on global shocks and country-pair heterogeneity. Similarly, we show divergent economic activity as a result of higher integration using an exogenous de-jure measure of integration based on financial regulations that harmonized segmented EU markets.
- Notes:
- Print version record
- April 2009.
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