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Financial Cycles and Credit Growth Across Countries*

Coimbra, N, Rey, H
Date Published: 2018
American Economic Review P&P (2018), 108 : 509-12.

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 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.



Citation:
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.






replication material  
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