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Financial Regulation, Financial Globalization, and the Synchronization of Economic Activity

  • SEBNEM KALEMLI-OZCAN
  • ELIAS PAPAIOANNOU
  • JOSÉ-LUIS PEYDRÓ

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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Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 68 (2013)
Issue (Month): 3 (06)
Pages: 1179-1228

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Handle: RePEc:bla:jfinan:v:68:y:2013:i:3:p:1179-1228
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