International business cycle and financial intermediation

dc.contributor.authorCsabafi, Tamas Z.
dc.contributor.authorGillman, Max
dc.contributor.authorNaraidoo, Ruthira
dc.contributor.emailruthira.naraidoo@up.ac.zaen_ZA
dc.date.accessioned2020-06-12T09:17:12Z
dc.date.issued2019-12
dc.description.abstractThe paper extends a standard two‐country international real business cycle model to include financial intermediation by banks of loans and government bonds. The paper contributes an explanation for both the United States relative to the Euro‐area, and the United States relative to China, of cross‐country correlations of loan rates, deposit rates, and the loan premia. It shows a type of financial retrenchment for the United States relative to both Europe and China following a negative bank productivity shock, such as during the 2008 crisis. After 2008, results suggest that the Euro‐area has been more financially integrated with the United States, and China less financially integrated.en_ZA
dc.description.departmentEconomicsen_ZA
dc.description.embargo2020-12-05
dc.description.librarianhj2020en_ZA
dc.description.sponsorshipThe Czech Science Foundation grant GACR 13‐34096S and the National Research Foundation of South Africa grant.en_ZA
dc.description.urihttps://onlinelibrary.wiley.com/journal/15384616en_ZA
dc.identifier.citationCsabafi, T.Z., Gillman, M. & Naraidoo, R. 2019, 'International business cycle and financial intermediation', Journal of Money, Credit and Banking, vol. 51, no. 8, pp. 2293-2303.en_ZA
dc.identifier.issn0022-2879 (print)
dc.identifier.issn1538-4616 (online)
dc.identifier.other10.1111/jmcb.12580
dc.identifier.urihttp://hdl.handle.net/2263/74978
dc.language.isoenen_ZA
dc.publisherWileyen_ZA
dc.rights© 2018 The Ohio State University. This is the pre-peer reviewed version of the following article : 'International business cycle and financial intermediation', Journal of Money, Credit and Banking, vol. 51, no. 8, pp. 2293-2303, 2019. doi : 10.1111/jmcb.12580. The definite version is available at : https://onlinelibrary.wiley.com/journal/15384616.en_ZA
dc.subjectInternational real business cyclesen_ZA
dc.subjectFinancial retrenchmenten_ZA
dc.subjectCredit spreaden_ZA
dc.subjectBank productivityen_ZA
dc.subject2008 crisisen_ZA
dc.subjectEuro‐areaen_ZA
dc.subjectChinaen_ZA
dc.titleInternational business cycle and financial intermediationen_ZA
dc.typePostprint Articleen_ZA

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