Global financial cycles since 1880
نویسندگان
چکیده
We analyse global aggregate and segment-specific cycles across credit, house prices, equity interest rates in 17 economies over 130 years using a time-varying dynamic factor model. show that financial have gained relevance time. For they now constitute the main driver of fluctuations most countries. Global credit housing become more pronounced protracted since 1980s, their has increased for sub-group financially open developed economies. Panel regressions country’s susceptibility to tends increase with openness integration, extent mortgage-related lending, efficiency stock markets. Understanding changes co-movement time its heterogeneous role countries matters design stabilization policies.
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ژورنال
عنوان ژورنال: Journal of International Money and Finance
سال: 2023
ISSN: ['0261-5606', '1873-0639']
DOI: https://doi.org/10.1016/j.jimonfin.2023.102801