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Financial Regulation, Financial Globalization and the Synchronization of Economic Activity

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  • Sebnem Kalemli-Ozcan
  • Elias Papaioannou
  • José Luis Peydró

Abstract

We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks' international exposure for industrialized countries during 1978- 2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral time-varying financial linkages data. In contrast to conventional wisdom and previous empirical studies, we identify a strong negative effect of banking integration on output synchronization, conditional on global shocks and country-pair heterogeneity. Similarly, we show divergent economic activity as a result of higher integration using an exogenous de-jure measure of integration based on financial regulations that harmonized segmented EU markets.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14887.

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Date of creation: Apr 2009
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Publication status: published as Sebnem Kalemli-Ozcan & Elias Papaioannou & José-Luis Peydró, 2013. "Financial Regulation, Financial Globalization, and the Synchronization of Economic Activity," Journal of Finance, American Finance Association, vol. 68(3), pages 1179-1228, 06.
Handle: RePEc:nbr:nberwo:14887

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