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Financial Cycles and Credit Growth across Countries

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.
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https://halshs.archives-ouvertes.fr/halshs-01802622
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Submitted on : Tuesday, May 29, 2018 - 3:09:42 PM
Last modification on : Friday, April 29, 2022 - 10:13:21 AM

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Nuno Coimbra, Helene Rey. Financial Cycles and Credit Growth across Countries. AEA Papers and Proceedings, 2018, 108, pp.509 - 512. ⟨10.1257/pandp.20181059⟩. ⟨halshs-01802622⟩

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