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Capital Market, Frequency of Recession, and Fraction of Time the Economy in Recession

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Author Info
Tharavanij, Piyapas

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Abstract

This paper investigates the relationships of capital markets, frequency of recession, and fraction of time the economy is in recession. The main finding is that frequency of recession is not robustly linked to measures of capital market development. However, the fraction of time the economy spends in recession is significantly related to capital market development, though the marginal effect is small. This implies that countries with more advanced capital markets would tend to spend lower proportion of time in recession. Results are generated using quarterly data of thirty-five countries from 1975 to 2004.

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File URL: http://mpra.ub.uni-muenchen.de/4954/
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File URL: http://mpra.ub.uni-muenchen.de/5190/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4954.

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Date of creation: 09 Sep 2007
Date of revision: 07 Oct 2007
Handle: RePEc:pra:mprapa:4954

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Related research
Keywords: business cycle capital market financial development financial structure panel data market-based bank-based

Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
G00 - Financial Economics - - General - - - General
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

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