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Financial Cycles and Credit Growth Across Countries*
American Economic Review P&P (2018), 108 : 509-12.

Coimbra, N, Rey, H
Date Published: 2018

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 behaviour 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.

Coimbra, Nuno, and Hélène Rey. 2018. "Financial Cycles and Credit Growth across Countries." AEA Papers and Proceedings, 108 : 509-12.

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*Rey thanks the ERC for financial support.

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